19 April 2022
By Ellie Palmer
The company plans to sell shares after filing to go public through an initial public offering
German piano maker Steinway & Sons has announced it is set to list on the New York Stock Exchange. The company officially filed to go public on 14 April.
Steinway, based in New York itself, was bought by Paulson & Co. back in 2013. Paulson will control more than half of the company’s voting power after the listing.
Sales of Steinway pianos rose by up to 30% in 2021 largely due to the effects of the pandemic, with many turning to the piano as a means of keeping busy during worldwide lockdowns.
Inside the prospectus, the company said, "Many musical greats have endorsed the quality of our instruments and personally use our instruments on the brightest stages. 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 will be listed under the symbol STWY on the New York Stock Exchange.