Warner Music Group on Tuesday moved forward with its planned initial public offering, saying it will raise as much as $1.8 billion for shareholders.
The company in a regulatory filing said it will offer 70 million shares of Class A common stock at a target price of $23 to $26 per share.
The stock will trade on the Nasdaq market under ticker symbol "WMG." In its updated filing, the music major said it would "not receive any of the proceeds from the sale of the shares being sold by the selling stockholders in this offering." The company will have 510 million shares outstanding after the IPO, which would value it at$11.7 billion-$13.3 billion, or $12.5 billion at the midpoint of the price range.