Warner Music Group announced Tuesday it plans to list 70 million shares about three months after canceling the multibillion-dollar initial public offering.
The label conglomerate aims to sell shares between $23 and $26 each and bring in as much as $1.8 billion, according to a Tuesday regulatory filing. The company will list shares on the Nasdaq exchange under the ticker WMG.
Warner Music initially planned to go public in the first quarter but pulled its IPO after the coronavirus slammed financial markets. The pandemic and corresponding government responses disrupted the company’s supply chains and halted physical retail operations. Strict lockdowns further dragged on the firm’s earnings as concerts, merchandise sales, and video shoots were indefinitely delayed, the company added.
Warner Music is the world’s third-largest label with a collection of artists including Bruno Mars, Camila Cabello, Ed Sheeran, and Janelle Monae. Labels operating within the company include Atlantic, Spinnin, Warner Records, Parlophone, and Elektra.
Warner Music said it will not receive any of the offering’s proceeds and that parent firm Access Industries will offload the shares.