169-Year-Old Piano Brand Steinway to Pursue Listing on New York Stock Exchange

[Asia Economy Reporter Park Byung-hee] Steinway, a piano brand with a 169-year tradition, is entering the New York stock market.

Stein Musical Instruments Holdings has filed a listing application with the U.S. Securities and Exchange Commission (SEC), Bloomberg reported on the 14th (local time).

Steinway is a piano manufacturing company founded in 1853 in Manhattan, New York, by German immigrant Henry E. Steinway. It was acquired by the investment firm Paulson & Co. in 2013.

Steinway stated that the proceeds raised through the initial public offering (IPO) will go to existing shareholders, including Paulson & Co. founder John Paulson.

Steinway said its performance was hardly affected by the COVID-19 pandemic. Last year, net sales increased by 30% year-on-year to $538 million, and net profit rose by 14% to $59 million.

The price of Steinway's grand pianos ranges from $60,000 to $340,000.

The piano manufacturing plants are located in Astoria, Queens, New York, and Hamburg, Germany. Steinway currently owns 33 stores across the United States, Europe, and Asia.

This content was produced with the assistance of AI translation services.