Warner Music Group on Wednesday priced its much-anticipated initial public offering at $25 per share, at the higher end of the $23-$26 range and valuing the company at $12.75 billion.

Its stock in early trading went as high as $28.97 after opening up 8 percent at $27. As of 12:05 p.m., the stock was up 15.4 percent at $28.85.

The music major’s shares started trading on Nasdaq under ticker symbol “WMG,” kicking off the biggest U.S. IPO week of the year after a quiet time due to the novel coronavirus pandemic and the recession it is expected to cause.

The stock had been expected to price on Tuesday, but the company delayed that to Wednesday to support Blackout Tuesday when the music industry to show support for Black Lives Matter.

The IPO priced 77 million shares of Class A common stock, up from 70 million originally planned. That raised more than $1.9 million for shareholders, up from the original target of as much as $1.8 billion. The company will have 510 million shares outstanding after the IPO, valuing it at $12.75 billion.

Warner Music, owned by Len Blavatnik’s Access Industries, had filed for its IPO in February, with Morgan Stanley, Credit Suisse and Goldman Sachs acting as the joint lead underwriters.

Long-time music industry analyst Mark Mulligan at MIDiA Research in a report at the time, before the pandemic hit, argued it was a “good time” for Warner Music’s IPO. “The music rights M&A market has until now been constrained by supply,” he wrote. “Now, large institutional investors have another way in which they can place bets in the burgeoning recorded and music publishing businesses.” The arrival of the coronavirus crisis in March led the music firm to delay the IPO.

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