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

by Park Pyunghee

Published 15 Apr.2022 10:53(KST)

[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.