Piano maker Steinway unveils IPO plan


An earlier version of this report had incorrect sales numbers for 2021 and 2020. It has been corrected.

Steinway Musical Instruments Holdings Inc., a company created in 1853 to make pianos, launched its initial public offering on Thursday with plans to list on the New York Stock Exchange, under the ticker ‘STWY.” “We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide,” the company said in its filing documents. “Steinway is one of the longest-lasting and most storied brands in the music industry and beyond.” The company is planning to have two classes of shares with Class B shareholders entitled to 10 votes per share, versus the one vote for share assigned to Class A shareholders. Goldman Sachs, BofA Securities and Barclays are lead underwriters in a syndicate of eight banks working on the deal. The company had net income of $59.3 million in 2021, up from $51.8 million in 2020. Sales rose to $538.4 million from $415.9 million. The deal comes as the Renaissance IPO ETF IPO, -3.17% s down 27% in the year to date, while the S&P 500 SPX, -1.21% has fallen 7%.

This article was originally published by Marketwatch.com. Read the original article here.

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