Warner Music Group closed above $30 a share on its first day of trading on the Nasdaq market today. Introduced at $25 per share, the stock rose more than 20% on day one of its IPO.
The largest IPO of the year, the company emerged from day one with a valuation over $15b after closing at $30.12.
WMG had upped its offering by 7m shares to 77m Class A shares. The offering consists entirely of secondary shares to be sold by
Len Blavatnik’s
Access Industries. Underwriters have a 30-day option to purchase up to an additional 11.55m shares from the selling stockholders.
