Warner Music IPO Tomorrow

On Wednesday May 11th Warner Music Group launches their IPO (under the symbol WMG) with a pps below the initially suggested range of $22 to $24. Insiders are throwing around a $19 share price and there has also been talk of a reduction in the previously announced 32.6 million share deal size, to 27.2 million shares. Warner Music, who is $2.5 billion in debt, hopes to raise $517 million from the IPO.