Warner Music Group啟動IPO

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  • Warner Music Group啟動IPO

      202007/2402:48

    ◎Warner Music Group宣布啟動首次公開募股(IPO)。
    ◎第三大音樂集團在3月初COVID-19大流行開始時展開了IPO計劃,並且預計直到危機和隨之而來的經濟崩潰過去之後,該計劃才能繼續向前發展。但是,在經歷最初的低迷之後,全球市場仍然非常穩定,這使得WMG得以採取行動。
    ◎5月初,美國證券交易委員會授予WMG進行IPO的權利。但與此同時,有傳言稱沙烏地阿拉伯支持的一個集團正在就收購該公司進行談判。
    ◎尚無首次公開募股的確切日期。
    對於首次公開募股,WMG將根據向美國證券交易委員會提交的註冊聲明發行70,000,000股A類普通股,初始價格為每股23.00至26.00美元,總價值在16億至18億美元之間,這使得該音樂集團的總估值高達133億美元。WMG表示將不會從發行中獲得任何收益。
    提議的發行完全由(Access Industries)和相關股東出售的第二股。承銷商還具有30天的選擇權,可以購買額外的10,500,000股A類普通股。WMG將不會從發行中獲得任何收益。
    Warner Music Group將在納斯達克上市,股票代碼為“WMG”。

    詳細全文:

    Warner Music Group announced the launch of its initial public offering (IPO) on Monday.
    The third-largest music group had delayed IPO plans in early March at the start of the COVID-19 pandemic and had been expected to not moved forward until after the crisis and ensuing economic collapse had passed.
    After an initial slump, however, global markets have remained remarkably stable allowing WMG to make its move.
    Earlier this month the US Securities and Exchange Commission had granted WMG the right to move forward with an IPO. But at the same time, rumors suggested that a Saudi backed group was negotiating the acquire the company.
    No exact date for the IPO has been named
    IPO To Raise $1.6B to $1.8B At A $13.3B Valuation
    For the IPO WMG will issue 70,000,000 shares of its Class A common stock according to a registration statement filed with the SEC at an initial price of between $23.00 and $26.00 per share for a total value of between $1.6 billion and $1.8 billion USD
    That puts the total valuation of the music group as high as $13.3 billion. WMG says that it will not receive any proceeds from the offering.
    The proposed offering consists entirely of secondary shares to be sold by Access Industries and related stockholders. The underwriters also have a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock. WMG will not receive any proceeds from the offering.
    Warner Music Group will be listed on the Nasdaq under the ticker symbol “WMG”.
    Mixed Financials
    WMG enters the public markets from a mixed financial position. Total WMG revenue was down 1.7% last quarter compared to the prior year-quarter or flat in constant currency.
    By contrast revenue at Sony Music was up 7.5% in the last quarter that it reported and UMG was up 14.0% in its last reporting quarter.
    MORE: Warner Music Revenue Flat In Q2 As UMG, Sony Music Soar
    More Than A Dozen Top Financial Firms Involved
    In a show of just how interesting a WMG IPO is likely to be to investors, the firms involved in the stock underwriting and sale reads like a whos who of US and global financial firms.
    Morgan Stanley, Credit Suisse Securities and Goldman Sachs will jointly run the offering, BofA, Citigroup Global Market. and J.P. Morgan Securities are also acting as joint book-running managers.
    Barclays Capital Inc., Evercore Group L.L.C., Guggenheim Securities, LLC, Macquarie Capital (USA) Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., CIBC World Markets Corp., HSBC Securities (USA) Inc., SG Americas Securities, LLC; Société Générale, LionTree Advisors LLC, Raine Securities LLC, AmeriVet Securities, Inc. Bancroft Capital, LLC, Blaylock Van, LLC, C.L. King & Associates, Inc., Loop Capital Markets LLC, Roberts & Ryan Investments, Inc., Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., L.L.C., Telsey Advisory Group LLC and Tigress Financial Partners, LLC are acting as co-managers for the offering.

     

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