June 3, 2020 / 10:44 AM / a month ago

Warner Music IPO raises $1.9 bln in biggest U.S. listing this year

June 3 (Reuters) - Warner Music Group, the world’s third-largest recording label, on Wednesday raised $1.93 billion in an upsized initial public offering, the biggest U.S. listing so far in 2020.

The company increased the offering to 77 million class A shares at $25 per share, from 70 million shares, valuing it at $12.75 billion.

The deal 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. (Reporting by Joshua Franklin in New York and additional reporting by C Nivedita in New Delhi; Editing by Sriraj Kalluvila)

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