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Steinway & Sons files for an initial public offering (IPO).

by: Online Piano Atlas -

News: Steinway & Sons files for an initial public offering

Under the symbol STWY, Steinway intends to list its stock on the New York Stock Exchange. GS, BofA Securities, and Barclays are the lead bookrunners for the transaction. In the prospectus, selling shareholders, including Paulson, who will hold more than half the company's voting power after the listing, will receive the proceeds of the offering.


Second time as a publicly traded company for Steinway. For $40 per share Paulson & Co. purchased Steinway & Sons in 2013 following its initial public offering (IPO) of 1996. Thirty-three Steinway retail showrooms have been added to the company's retail network in the United States, Europe and Asia. Sales and profitability have risen as a result of the new stores.


Steinway's net income in 2021 was $59 million on net sales of $538 million.


 





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