Steinway Musical Instruments Holdings Inc., the 169-year-old piano builder founded in New York City by a German immigrant, has filed to go public through an initial public offering.
The company, based in the city’s Astoria neighborhood, plans to sell shares on the New York Stock Exchange, according to a Thursday filing with the U.S. Securities and Exchange Commission.
Investment firm Paulson & Co., founded by billionaire John Paulson, acquired the master piano maker in 2013. The company has attracted takeover interest over the years including a $1 billion offer from Chinese state-owned company China Poly Group Corp. in 2018.
Proceeds of the offering will go to selling shareholders including Paulson, who will control more than half of the company’s voting power after the listing, the prospectus showed.
Luxury goods spending has held up during the pandemic, Steinway noted, with net sales increasing 30% year-over-year in 2021 to $538 million. Net income rose 14% to $59 million.
And when it comes music, celebrity names still count.
“Many musical greats have endorsed the quality of our instruments and personally use our instruments on the brightest stages,” the company said in the prospectus. “Some of the biggest classical and pop icons of today, including Lang Lang and Billy Joel, and jazz legends such as Ahmad Jamal and McCoy Tyner, all chose Steinway time and again as the desired instrument to express their art.”
Henry Engelhard Steinway founded the company in a Manhattan loft in 1853. Its factories are located in Astoria and Hamburg, Germany. The prices of its grand piano range from $60,000 to $340,000, the prospectus showed.
Goldman Sachs Group Inc., Bank of America Corp. and Barclays Plc are leading the offering. Steinway plans to list on the New York Stock Exchange under the symbol STWY.
This article was provided by Bloomberg News.
