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WMG CLOSES AT $30 ON IPO'S DAY ONE

Warner Music Group closed above $30 a share on its first day of trading on the Nasdaq market today. Introduced at $25 per share, the stock rose more than 20% on day one of its IPO.

The largest IPO of the year, the company emerged from day one with a valuation over $15b after closing at $30.12.

WMG had upped its offering by 7m shares to 77m Class A shares. The offering consists entirely of secondary shares to be sold by Len Blavatnik’s  Access Industries. Underwriters have a 30-day option to purchase up to an additional 11.55m shares from the selling stockholders.

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