UK Markets closed

Warner Music group files for initial public offering

(Reuters) - Warner Music Group filed for an initial public offering on Thursday, making it the latest high-profile company opting for a public listing in 2020.

The recording label, which is home to artistes including Cardi B, Ed Sheeran and Bruno Mars, set a place-holder amount of up to $100 million (£77 million), and did not specify the size of its offer https://www.sec.gov/Archives/edgar/data/1319161/000119312520026877/d805716ds1.htm#rom805716_14.

Unlike other high-profile listings in the near past, Warner is profitable and reported net income attributable to the company of $256 million in 2019, compared with $307 million a year earlier.

Earlier in the day, drug research firm PPD Inc <PPD.O> and online mattress retailer Casper Sleep Inc <CSPR.N> made strong market debuts.

Billionaire Len Blavatnik's investment group, Access Industries, acquired Warner Music Group for around $3.3 billion in 2011.

The company said in a regulatory filing, it would follow a dual class share structure with Class A shareholders allowed one vote per share and Class B entitled to 20 votes per share.

Morgan Stanley, Credit Suisse, Goldman Sachs are among the underwriters to the offering.





(Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi)