Legendary piano maker Steinway files for IPO

Legendary piano maker Steinway Musical Instruments (STWY) has filed to hold an initial public offering.

The musical instruments manufacturer didn’t disclose the size and pricing of the deal in its filing. Shares will be offered by existing stockholders and Steinway will not receive any of the proceeds.

Steinway plans to list its shares on NYSE under the symbol STWY. Goldman Sachs, BofA Securities and Barclays are serving as lead bookrunners on the deal.

The offering will mark Steinway’s second turn as a public company.

Steinway held its first IPO in 1996 and remained listed until it was bought by Paulson & Co. in 2013 for $40 per share.

For 2021, Steinway reported net income of $59M on net sales of $538M.

In addition to its world famous pianos, Steinway also sells a wide range of band and orchestra instruments through its Conn-Selmer unit, including Ludwig drum sets.

Source : https://seekingalpha.com/news/3823560-legendary-piano-maker-steinway-files-for-ipo

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