Piano maker Steinway files for IPO
Steinway, an Astoria, New York-based piano maker taken private by Paulson & Co. in 2013, filed for an IPO.
Why it matters: IPO filings are few and far between these days, let alone from a company founded 169 years ago in Queens.
Details: Steinway reports $59 million of net income on $538 million in revenue for 2021, compared to $52 million on $415 million for 2020. It plans to list on the NYSE (STWY).
The bottom line: "The Steinway piano was the instrument of choice for approximately 97% of concert pianists when performing with orchestras across the globe during the 2018–2019 concert season, none of whom are compensated to use or endorse Steinway ... For decades, we have cultivated relationships with the most talented pianists from nearly every genre, including Jon Batiste, Billy Joel, Lang Lang and Regina Spektor." — Steinway IPO prospectus