Warner Music strikes a chord as shares pop on Nasdaq debut

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Warner Music Group Corp’s 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.

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(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.

With in-person meetings impossible due to the COVID-19 outbreak, Warner is the latest company to complete its IPO through a virtual roadshow, the process by which management meets with potential investors in an IPO to rustle up interest.

Virtual roadshows and the lack of time spent traveling to different cities mean companies have been able to complete their IPOs in as little as four days and with no weekend bridging the time at which it outlines a targeted price and the final price. This shorter roadshow has served as a hedge against volatile financial markets.

Morgan Stanley, Credit Suisse and Goldman Sachs are among the underwriters for the IPO.

Reporting by Joshua Franklin in New York and C Nivedita in New Delhi; Editing by Shounak Dasgupta and Nick Zieminski


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Warner Music Group Corp’s 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.

Source: {authorlink}

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