Steinway Musical Instruments Holdings, which makes high-performance pianos and other musical instruments, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Taken private in 2013, Steinway states that it is a leading manufacturer of high-performance pianos and other musical instruments. The company produces a full line of grand and upright acoustic pianos at its manufacturing facilities in Astoria, New York and Hamburg, Germany, which are sold through 33 company-owned retail showrooms across the world, as well as a network of approximately 180 experienced dealers. The company's 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 $538 million in sales for the 12 months ended December 31, 2021. It plans to list on the NYSE under the symbol STWY. Steinway Musical Instruments Holdings filed confidentially on December 10, 2021. Goldman Sachs, BofA Securities, Barclays, Evercore ISI, Cowen, Stifel, Sanford Bernstein, and Telsey Advisory Group are the joint bookrunners on the deal. No pricing terms were disclosed.
