#Piano maker Steinway plans to launch IPO to go public

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“Piano maker Steinway plans to launch IPO to go public”
It might just be music to investors’ ears.
Steinway, the famed 169-year-old piano maker, plans to go public.
The Astoria, Queens-based musical instrument manufacturer on Thursday submitted documents to the Securities and Exchange Commission indicating that it was planning to sell shares in an initial public offering on the New York Stock Exchange.
Paulson & Co., the investment firm founded by billionaire John Paulson, acquired the company in 2013.
“Over its 169-year history, Steinway has been forged on, and has pushed the boundaries of, the credo of its founder: ‘To build the best piano possible,’ ” the company said in its initial listing documents filed with the SEC.
In 2018, China’s government-owned conglomerate China Poly Group Corp. offered $1 billion for the firm, according to Bloomberg News, though the offer wasn’t accepted.
Once the company is listed, half of the voting power will be controlled by Paulson, according to the filing documents.

“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.”
Steinway Musical Instruments Holdings Inc. was founded by Henry Engelhard Steinway in 1853 after the German immigrant’s arrival to Manhattan.
The company owns and operates factories in Astoria as well as Hamburg, Germany.
A grand piano made by Steinway ranges in cost from $60,000 to $340,000.
Steinway is profitable. Net income rose 14.4% to about $59.3 million for the year ended Dec. 31 from $51.8 million in 2020. Sales jumped about 30% to $538.4 million in 2021, the prospectus said.
The IPO is being led by Goldman Sachs, Bank of America and Barclays.
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