Warner New music Team announced Tuesday that it is transferring forward with its IPO, advertising 13.seven% of its popular stock at $23 to $26 a share.

The IPO selling price values the L.A.-primarily based organization at up to $13.three billion, showing optimism in the music business, which has transformed alone by embracing the streaming revolution.

The organization, which signifies artists such as Ed Sheeran and Cardi B, is scheduling to present 70 million shares of its popular stock at the launch of its IPO. A day has not still been announced. Warner New music Team declined to comment.

The IPO options occur amid an uncertain time for the music business, which has been really hard hit by the COVID-19 pandemic, with lots of dwell activities canceled or postponed. Concert promoter Dwell Country a short while ago executed furloughs and Paradigm Expertise Company, which has a substantial presence in music illustration, laid off 250 staffers in March. Endeavor, operator of talent agency small business WME, pulled its IPO previous 12 months and has considering the fact that created value reductions impacting one particular-third of its team.

Nevertheless, like other report labels, Warner New music has benefited from a surge in music streaming that has revived the music business.

“People are listening to music far more than ever in advance of, that would make Warner and its friends so interesting,” mentioned Rich Greenfield, a companion at study firm LightShed Associates. “This is a good time to be in the music small business.”

Organizations have benefited from the progress of streaming expert services this kind of as Spotify and Apple New music, as perfectly as movie apps like TikTok, that have helped broaden the achieve of the music business.

Billionaire Len Blavatnik purchased Warner New music Team for $three.three billion in 2011 and today it is the third-greatest music organization by market share.

Warner New music Team has viewed revenue progress in excess of its previous three fiscal many years. In its fiscal 12 months ending Sept. thirty, 2019, the organization saw revenue soar twelve% to $four.5 billion in earnings, according to a regulatory submitting. The organization posted web profits of $258 million that fiscal 12 months.