Management of the music major is"indicating a significant positive inflection in margins," says one analyst, but"the majority of investors we speak with are skeptical."at $25 per share, at the higher end of the $23-$26 range and valuing the company at $12.75 billion.
The IPO priced 77 million shares of Class A common stock, up from 70 million originally planned. That raised more than $1.9 million for shareholders, up from the original target of as much as $1.8 billion. The company will have 510 million shares outstanding after the IPO, valuing it at $12.75 billion.
Bernstein analyst Todd Juenger in a Tuesday report noted that his base case valuation scenario was for $12.7 billion. He also discussed various topics on investors minds, including music majors' competitive position compared with indies in the digital age. "One could make a strong argument that the independent labels are in a better position now than they ever have been, to compete with the majors ," he wrote.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJ - 🏆 98. / 63 Read more »
Source: RollingStone - 🏆 483. / 51 Read more »
Source: Variety - 🏆 108. / 63 Read more »