The Warner Music Group Corp. (WMG.O) got off to a positive start on its Nasdaq debut on Wednesday. The world’s third-largest recording label sold shares worth $1.9-billion, marking the largest initial public offering in the United States this year.
The WMG.O stock was opened for trading at 8% above its initial public offering price of $25.
“We concluded that there was sufficient market momentum. Without ever trying to time the market, this looked like a good time to go. There is no doubt there is a risk now, but there is potentially more in waiting,” Warner Music’s Chief Executive Officer Stephen Cooper stated in an interview. “There is a widespread belief there will be a global recession hitting most economies, so waiting six months or waiting nine months to list, then investor confidence could be lower than now. With a recession, there is much more risk and much weaker investor confidence.”
Warner Music’s underwriters for its IPO were Morgan Stanley (MS), Credit Suisse (CSGN), and Goldman Sachs (GS).
WMG.O was closed at $30.12 per share on its first day of trading.
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Renault SA (RENA.PA) announced on Monday that its global car sales fell by 34.9% in the first half of the year due to the impact of the coronavirus pandemic. However, the company said that it had seen some signs of recovery in June. The French ...
On Thursday, United Airlines' (UAL.O) and its pilots' union said that they had reached an agreement on two different resolutions to reduce involuntary furloughs in August. The company said that it would keep pilots ready once the global travel ...
European new car registrations fell in June year-on-year, but showed some improvement when compared to May 2020 as lockdown measures continue to loosen across the region, Tuesday’s industry data showed. In June, passenger car sales were ...