Warner Music group files for initial public offering

(Reuters) - Warner Music Group filed for an initial public offering on Thursday, making it the latest high-profile company opting for a public listing in 2020.

The recording label, which is home to artistes including Cardi B, Ed Sheeran and Bruno Mars, set a place-holder amount of up to $100 million, and did not specify the size of its offer here.

Unlike other high-profile listings in the near past, Warner is profitable and reported net income attributable to the company of $256 million in 2019, compared with $307 million a year earlier.

Earlier in the day, drug research firm PPD Inc and online mattress retailer Casper Sleep Inc made strong market debuts.

Billionaire Len Blavatnik’s investment group, Access Industries, acquired Warner Music Group for around $3.3 billion in 2011.

The company said in a regulatory filing, it would follow a dual class share structure with Class A shareholders allowed one vote per share and Class B entitled to 20 votes per share.

Morgan Stanley, Credit Suisse, Goldman Sachs are among the underwriters to the offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi