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Warner Music hits IPO high note

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06/03/2020 | 05:50pm EDT

The market debut of Warner Music Group is music to Wall Street's ears.

The biggest IPO so far this year kicked off Wednesday with a share-price jump as high as 23 percent on the Nasdaq, in what was seen as another encouraging sign financial markets are recovering after a tumultuous March.

The world's third-largest record label raised nearly $2 billion in an IPO that saw more shares sold than originally planned.

Investors - giving the music label behind Cardi B, Ed Sheeran and Bruno Mars - a near $13 billion market value.

The company can take the money raised and its newly-minted street cred to bolster its roster amid a spike in digital music demand. A new release by Grammy winner Dua Lipa helped streaming music revenues at the label surge 12 percent in April.

The IPO was delayed by a day to coincide with the music industry decision's to go silent in #BlackoutTuesday to show its support for racial justice.

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.91% 6.64 Delayed Quote.20.73%
JUST GROUP PLC -4.49% 48.9 Delayed Quote.-38.10%
NASDAQ COMP. 0.52% 10207.628547 Delayed Quote.13.76%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
WILL GROUP, INC. 0.32% 636 End-of-day quote.-49.20%
WORLD CO., LTD. -1.19% 1496 End-of-day quote.-44.41%
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