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Warner Music hits IPO high note

Video Credit: Reuters Studio
Published on June 3, 2020 - Duration: 01:02s

Warner Music hits IPO high note

Warner Music Group received applause on Wall Street for the biggest IPO so far this year.

Conway G.

Gittens has the details.

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Warner Music hits IPO high note

The market debut of Warner Music Group is music to Wall Street's ears.

The biggest IPO so far this year kicked off Wednesday with a share-price jump as high as 23 percent on the Nasdaq, in what was seen as another encouraging sign financial markets are recovering after a tumultuous March.

The world's third-largest record label raised nearly $2 billion in an IPO that saw more shares sold than originally planned.

Investors - giving the music label behind Cardi B, Ed Sheeran and Bruno Mars - a near $13 billion market value.

The company can take the money raised and its newly-minted street cred to bolster its roster amid a spike in digital music demand.

A new release by Grammy winner Dua Lipa helped streaming music revenues at the label surge 12 percent in April.

The IPO was delayed by a day to coincide with the music industry decision's to go silent in #BlackoutTuesday to show its support for racial justice.

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