Steinway Musical Instruments announces IPO with plans to list on NYSE under ticker ‘STWY’

An earlier version of this report had incorrect sales numbers for 2021 and 2020. It has been corrected.

Steinway Musical Instruments Holdings Inc., a company created in 1853 to make pianos, launched its initial public offering on Thursday with plans to list on the New York Stock Exchange, under the ticker ‘STWY.” “We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide,” the company said in its filing documents. “Steinway is one of the longest-lasting and most storied brands in the music industry and beyond.” The company is planning to have two classes of shares with Class B shareholders entitled to 10 votes per share, versus the one vote for share assigned to Class A shareholders. Goldman Sachs, BofA Securities and Barclays are lead underwriters in a syndicate of eight banks working on the deal. The company had net income of $59.3 million in 2021, up from $51.8 million in 2020. Sales rose to $538.4 million from $415.9 million. The deal comes as the Renaissance IPO ETF IPO, -3.17% s down 27% in the year to date, while the S&P 500 SPX, -1.21% has fallen 7%.