It would simply be music to traders’ ears.
Steinway, the famed 169-year-old piano maker, plans to go public.
The Astoria, Queens-based musical instrument producer on Thursday submitted paperwork to the Securities and Change Fee indicating that it was planning to promote shares in an preliminary public providing on the New York Inventory Change.
Paulson & Co., the funding agency based by billionaire John Paulson, acquired the corporate in 2013.
“Over its 169-year historical past, Steinway has been cast on, and has pushed the boundaries of, the credo of its founder: ‘To construct the most effective piano doable,’ ” the corporate stated in its preliminary itemizing paperwork filed with the SEC.
In 2018, China’s government-owned conglomerate China Poly Group Corp. provided $1 billion for the agency, according to Bloomberg News, although the supply wasn’t accepted.
As soon as the corporate is listed, half of the voting energy will likely be managed by Paulson, in line with the submitting paperwork.
“Many musical greats have endorsed the standard of our devices and personally use our devices on the brightest phases,” the corporate stated within the prospectus. “Among the largest classical and pop icons of at present, together with Lang Lang and Billy Joel, and jazz legends equivalent to Ahmad Jamal and McCoy Tyner, all selected Steinway again and again as the specified instrument to precise their artwork.”
Steinway Musical Devices Holdings Inc. was based by Henry Engelhard Steinway in 1853 after the German immigrant’s arrival to Manhattan.
The corporate owns and operates factories in Astoria in addition to Hamburg, Germany.
A grand piano made by Steinway ranges in price from $60,000 to $340,000.
Steinway is worthwhile. Web revenue rose 14.4% to about $59.3 million for the 12 months ended Dec. 31 from $51.8 million in 2020. Gross sales jumped about 30% to $538.4 million in 2021, the prospectus stated.
The IPO is being led by Goldman Sachs, Financial institution of America and Barclays.