169-year-old piano maker Steinway, founded by a German immigrant in New York, has filed for an IPO.
The company plans to sell shares on the New York Stock Exchange, according to the prospectus filed with the US Securities and Exchange Commission.
The piano manufacturer was taken over in 2013 by the investment company Paulson & Co. founded by billionaire John Paulson and taken off the stock exchange.
Proceeds from the IPO will go to the selling shareholders, including Paulson, who will control more than half of the company's voting rights after the listing, according to the IPO.
Steinway has developed well in recent years.
According to the company, net sales increased by 30 percent to $538 million in 2021 compared to the previous year, and net profit increased by 14 percent to $59 million.
Steinway has opened additional company-owned showrooms during the pandemic and now has 33 in the United States, Europe and Asia.
These deals have reportedly increased the company's sales and profitability.
The company's grand and upright pianos are played by many celebrities at concerts.
“Some of today's greatest classical and pop icons, including Lang Lang and Billy Joel, and jazz legends such as Ahmad Jamal and McCoy Tyner, have consistently chosen Steinway as the instrument of choice to express their art. ", says the prospectus.
Henry Engelhard Steinway founded the company in 1853 in a Manhattan loft.
The factories are located in Astoria and Hamburg, Germany.
The wings are priced between $60,000 and $340,000, according to the prospectus.
Steinway plans to list on the New York Stock Exchange under the symbol STWY.