Warner Music Group prices at $17, well below its $22-$24 range

Warner Music Group, one of the largest music recording and publishing companies in the world, priced its much-talked about IPO at $17 a share, significantly below its proposed range of $22-$24 a share. As a result, the 32.6 million share offering ended up raising $554.2 million in gross proceeds, $163 million shy of the company's original expectations. The $17 offer price puts Warner Music's market value at $2.4 billion, a 26% haircut to the originally proposed $3.3 billion valuation. Goldman Sachs and Morgan Stanley acted as joint lead managers on the deal. The stock is expected to open for trading Wednesday morning under the symbol "WMG" on the NYSE.