There has been a strong reception to the biggest US IPO this year, which values the music group at over $12.8bn.
The group, owned by Len Blavatnik’s Access Industries, delayed listing in solidarity with the Blackout Tuesday and the Black Lives Matter movement. Warner Music Group, which represents artists including Cardi B and Ed Sheeran sold 77m shares at $25 a share, valuing the group at $12.8bn on the listing. The shares surged 20.5% to $30.12 by closing bell in New York trading.
The listing is the largest US deal this year, increasing the value raised in US flotations to two-thirds below the value raised in the same period last year, according to Refinitiv data.
The Warner Music sale priced towards the higher end of the range announced last week and was upsized by 10%, an indication of strong investor demand.