NEW YORK/BENGALURU (May 26): Warner Music Group said on Tuesday it expects to raise up to $1.82 billion in its Nasdaq debut at a valuation of about $13 billion, as some companies gingerly test investor appetite after the COVID-19 pandemic put many debuts on hold.

The recording label, home to artistes including Cardi B, Ed Sheeran and Bruno Mars, expects the offering of 70 million Class A shares by stockholders to be priced between $23 and $26 per share.

The world's third-largest music recording label had in March delayed its plans to kick off the debut, set to be one of the year's bigger IPOs.

The COVID-19 health crisis has rocked global capital markets in the past two months and slammed the brakes on IPOs. In January, buyout firm Carlyle Group Inc delayed the U.S. IPO of its German specialty chemicals group Atotech.

Other companies that have put their IPO plans on ice include Cole Haan Inc and 58 Home.

The lull, however, seems to be lifting and last week U.S. insurance policy comparison website SelectQuote Inc raised $360 million after selling shares in its IPO above its target range.

Burning Rock Biotech and a host of other Chinese firms also opted for an American listing last week, amid tighter rules by lawmakers.

Morgan Stanley, Credit Suisse, Goldman Sachs are among the underwriters to Warner's offering.

The underwriters will have a 30-day option to purchase up to 10.5 million more Class A shares from the selling stockholders.

Warner posted a net loss of $74 million in the second quarter ended March 31, compared with a profit of $67 million a year earlier, its filing document showed earlier this month.

Warner has said the virus outbreak has hurt physical revenue streams and delayed the release of new recordings, motion pictures and television programs.