Warner Music's IPO

Warner Music Group has announced that it will continue with its IPO. The company plans to offer 70 million shares at a price of $23 to $26 per share, which would raise about $12.5 billion. An interesting part of the IPO is that all of the funds raised in the IPO will go to current shareholders and the company will receive no cash. Additionally, Access Industries, the current majority shareholder, will retain more than more 99 percent of the voting rights.