The L-A times reports the New York-based company, which represents artists such as Ed Sheeran and Cardi B, increased the number of shares in its offering to 77 million, 7 million more than previously announced.
Shares trading under the symbol WMG rose 22% to $30.53 on Nasdaq on Wednesday afternoon.
The IPO signals a rebound in the music business, which has evolved to embrace the streaming revolution brought on by companies such as Spotify.
The IPO comes at a challenging time for the music industry, which has been hard hit by the COVID-19 pandemic, with many live events canceled or postponed. Music businesses such as Beverly Hills-based concert promoter Live Nation have taken a major hit as concerts and festivals have been scrapped due to the pandemic.Even before the outbreak, the IPO market for entertainment companies was uncertain. Endeavor, owner of the WME talent agency, last year put off plans for its IPO.
Streaming businesses have weathered the fallout much better than others in the entertainment industry, as people look to amuse themselves at home.
Still, streaming has been affected by many people no longer commuting to work and the industry’s growth has shown signs of slowing down.
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