WMG Sets IPO

Warner Music Group set its pending initial public offering at 32.6 million shares with a projected price of $22 to $24 per share.

The company’s April 18th SEC filing stated that 5.43 million of the total shares are being offered by selling holders. WMG plans to use net proceeds from the IPO to pay off debt and for general corporate purposes.

The underwriters for the offering – Goldman, Sachs & Co., Morgan Stanley, and others – will have the option to buy another 4.9 million shares to cover over-allotments. The company will list on the New York Stock Exchange as WMG.