Warner Music hits IPO high note

Warner Music hits IPO high note

Warner Music Group received applause on Wall Street for the biggest IPO so far this year.

Conway G.

Gittens has the details.

The market debut of Warner Music Group is music to Wall Street's ears.

The biggest IPO so far this year kicked off Wednesday with a share-price jump as high as 23 percent on the Nasdaq, in what was seen as another encouraging sign financial markets are recovering after a tumultuous March.

The world's third-largest record label raised nearly $2 billion in an IPO that saw more shares sold than originally planned.

Investors - giving the music label behind Cardi B, Ed Sheeran and Bruno Mars - a near $13 billion market value.

The company can take the money raised and its newly-minted street cred to bolster its roster amid a spike in digital music demand.

A new release by Grammy winner Dua Lipa helped streaming music revenues at the label surge 12 percent in April.

The IPO was delayed by a day to coincide with the music industry decision's to go silent in #BlackoutTuesday to show its support for racial justice.