(Reuters) – Warner Music Group Corp’s WMG.O stock popped 8% on its Nasdaq debut on Wednesday, after the world’s third-largest recording label sold shares in its $1.9-billion initial public offering towards the higher end of its target.
The deal, the biggest U.S. listing so far in 2020, marks a further sign of recovery for the U.S. IPO market, which was hampered in March by plunging stock prices caused by the COVID-19 pandemic.
“We concluded that there was sufficient market momentum. Without ever trying to time the market this looked like a good time to go,” Warner Chief Executive Stephen Cooper said in an interview.
The company increased the offering to 77 million class A shares at $25 per share, valuing it at $12.75 billion. It had initially