Warner Music Group Corp. raised $1.925 billion with the offering of 77 million shares in its IPO this week, in the biggest U.S. listing so far in 2020, Reuters reports. The stock opened at $27 and extended gains in early trading to $28.75, gained more than 20% in their debut on Wednesday, and rose another 5% Thursday on their second day of trading, Market Watch reports. Billionaire Len Blavatnik still owns the vast majority of Warner, having bought the company in 2011 for $3.3 billion in a highly risky investment. Warner and Blavatnik have announced a $100 million fund to support charitable causes related to the music industry, social justice, and campaigns against violence and racism, Variety reports.

Warner Music, the world's third-biggest record company, is to list on the US Nasdaq today, with an evaluation of $13.3bn. It is the first big-name flotations since the coronavirus pandemic hit the world’s financial markets and the largest initial public offering (IPO) of the year. The coronavirus pandemic has failed to dent the streaming revolution - Warner Music’s streaming revenues have risen 12% in April alone, the New York Times reported. Warner delayed the pricing of its initial public offering on Tuesday to avoid the shares being sold on a day the music industry set aside to support protests against police brutality in the U.S., Financial Times reports. The pricing is scheduled for Wednesday morning. Warner has finally announced the pricing of its initial public offering at $25 per share, Music Week reports.

In July, August and September Sony’s publishing companies generated $357.6 million, Universal Music Publishing Group was $30m behind with $327.5 million, while Warner was way behind with $173 million. In the first nine months of 2019, Sony made $1.036 million, Universal was at $857 million, and Warner at $478 million, Music Business Worldwide reports