Shares in the Warner Music Group were up 20.5% on the NASDAQ stock exchange at the close of trading Wednesday (June 3), its first day on the market as a public company under Len Blavatnik’s Access Industries.
After being priced at $25 this morning, in line with its projected $23-$26 IPO price, and opening at $27, it finished the day at $30.12, according to MarketWatch, for a market capitalization of $15.36 billion and an enterprise valuation of $17.85 billion, when debt is included.
That far outpaced the market as a whole, with the NASDAQ up less than 1%, the S&P up just over 1% and the Dow Jones up 2% for the day.
By having an initial price at $25, WMG was valued at $12.75 billion coming into the day -- the largest stock offering so far
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