Warner Music skyrockets 20% on its first day of trading in the biggest US IPO of 2020
- Warner Music Group made its public trading debut Wednesday after pricing its initial public offering at $25 per share.
- Shares of the company surged as much as 20% Wednesday, reaching an intraday high of $30.84
- Warner Music's $1.925 billion IPO is so far the biggest US deal of the year.
- Read more on Business Insider.
Warner Music Group, the biggest US IPO of 2020, surged as much as 20% Wednesday in its public-trading debut.
Shares of the company, which trade under the ticker WMG, hit an intraday high of $30.84 per share after first trading for $27 a piece on Wednesday.
The company priced its IPO at $25 per share Wednesday, the higher end of its range of $23 to $26.
Warner Music, which is the parent company of record labels such as Atlantic Records, Warner Records, and Elektra Records, raised $1.925 billion in the offering of 77 million shares, up from the original 70 million shares.
The IPO's success is a further signal that the US IPO market, which was hit hard in the coronavirus-related rout in March, is recovering.
The company delayed the pricing of its public offering on Tuesday when the music industry paused to show solidarity with those protesting the death of George Floyd in police custody in Minnesota on May 25.
Warner Music labels represent popular artists such as Lizzo, Cardi B, Ed Sheeran, and Bruno Mars.