Steinway Musical Instruments Holdings, which makes high-performance pianos and other musical instruments, withdrew its plans for an initial public offering on Tuesday. It originally filed in April 2022 with a proposed deal size of $100 million and most recently updated its prospectus this past March.
Taken private in 2013, Steinway is a leading manufacturer of high-performance pianos and other musical instruments. The company produces grand and upright acoustic pianos at its manufacturing facilities in Astoria, New York and Hamburg, Germany, which are sold through 34 global company-owned retail showrooms, as well as a network of approximately 200 dealers. Its brands include Steinway (ultra-premium pianos), Boston and Essex (mid-range pianos), and Conn-Selmer (musical instruments and accessories).
The Astoria, NY-based company was founded in 1853 and booked $576 million in revenue for the 12 months ended December 31, 2022. It had planned to list on the NYSE under the symbol STWY. Goldman Sachs, BofA Securities, Barclays, Evercore ISI, TD Cowen, Stifel, and Sanford Bernstein were set to be the joint bookrunners on the deal.
