On April 14, 2022, the Astoria, NY-based piano maker Steinway & Sons (commonly just called Steinway) filed for IPO by filing their S-1. The company plans to list on the New York Stock Exchange (NYSE) under the ticker STWY.
About the Company
The company traded prior to 2013 under the ticker LVB before being taken private by Paulson & Co. in 2013. The company was founded 169 years ago in 1853 and has become the piano brand used by virtuosos around the world. Famous pianists like Jon Batiste, Billy Joel, Lang Lang, and Regina Spektor have performed on Steinways and most music universities and colleges have at least one Steinway piano on hand for performances.
According to the IPO prospectus, “approximately 97% of pianists chose a Steinway piano when performing with orchestras across the globe during the 2018–2019 concert season.”
Steinway reported $59 million of net income on $538 million in revenue for 2021, compared to $52 million on $415 million for 2020.