The first big-name flotations since the coronavirus pandemic hit the world’s financial markets are due in New York later this week as Warner Music and the data firm ZoomInfo Technologies, with a combined value of $20bn (nearly £16bn), get set to list their shares. Warner Music, the world’s third-biggest record company, home to artists including Ed Sheeran, Bruno Mars and Dua Lipa, is to list on the US Nasdaq on Wednesday, valued as high as $13.3bn. The business, owned by the billionaire Sir Leonard Blavatnik, who also controls the London-based sports streaming service Dazn, will be the largest initial public offering (IPO) of the year. The coronavirus pandemic has failed to dent the streaming revolution, which has transformed the fortunes of record companies facing the inexorable decline of CD sales. Warner Music’s streaming revenues have risen 12% in April alone. The music company is targeting a price of between $23 and $26 per share, which would value it at between $11.7bn and $13.3bn, and raise about $1.8bn. The coronavirus has also failed to derail the tech sector, with ZoomInfo Technologies indicating that its IPO on Thursday will exceed its target range of $16-$18 per share. It is selling 44.5m shares…. Read full this story
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