Warner Music Group's IPO, delayed by the coronavirus pandemic and overshadowed by nationwide protests, made a big splash on the Nasdaq stock exchange on Wednesday, rising over 20% from the IPO price and giving music a brief spotlight on Wall Street.
Warner's owner, Access Industries, floated 70 million of 510 million shares outstanding at $25 per share. After being delayed by a market crash caused by the coronavirus pandemic, Warner had an excellent debut: Its shares opened at $27 and rose to $30.85 before closing at $30.12, up 20.5%.
Day two is shaping up as well, with shares rising another 5% to $31.80 by early afternoon. Opinions of the IPO will depend on the vantage point.
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