Steinway Musical Instruments Holdings, Inc.

General Information
Business:

(The company is not selling any stock in this IPO – and as a result, the company will not receive any proceeds from this IPO. The S-1 filing (prospectus) states that all shares of Class A common stock sold in this IPO are being offered by the selling stockholders: John Paulson, Paulson Advantage Master Ltd. and Paulson Advantage Plus Master Ltd.)

We are a company that has been forged on, and has pushed the boundaries of, the credo of our founder, Henry Engelhard Steinway: “To build the best piano possible.” Since 1853, generation after generation, we have made and continue to make what we believe are the world’s finest musical instruments. With this expertise and heritage, we believe that we have created and sustained one of the best regarded luxury brands in the world. We strive to further our legacy by advancing the standards of modern musical instrument manufacturing with our enduring dedication to quality, artisanship, elegance, style and beauty.

Our masterfully crafted pianos are designed to meet the demands of a diverse range of music enthusiasts—from providing renowned concert pianists and pop culture icons, including Lang Lang, Yuja Wang and Billy Joel, an instrument to fully express their indelible artistry, to encouraging early-stage learners discovering the first joys of piano playing, to inspiring the most discerning listeners with the distinct musical experience of a Steinway Spirio piano in their own home, which we believe is indistinguishable from a live performance. Our ultimate goal is to foster and enrich the global musical community by continuing to provide the world’s finest pianos and musical instruments shaped by our unwavering commitment to innovation, improvement and technological preeminence.

We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide. Steinway is one of the longest-lasting and most storied brands in the music industry and beyond.

Our legacy began in 1853 in New York City when German immigrant Henry Engelhard Steinway developed the first Steinway piano in a Manhattan loft on Varick Street. Over the next thirty years, Henry and his sons laid the foundation for modern grand piano building. They built their instruments one at a time, applying skills handed down from master to apprentice, generation after generation, and we have followed in their footsteps ever since.

Thereafter, our innovative designs, attention to detail and exacting quality have redefined and broken new ground in the market for ultra-premium pianos. With our 169-year history, we believe that we have been setting the standard for innovation in our industry for longer than most public companies have been in existence.

We produce a full line of grand and upright acoustic pianos at our manufacturing facilities in Astoria, New York; and Hamburg, Germany. We also offer exclusive, limited-edition pianos, as well as unique, fully customized models for the most discerning customers. We have mastered the end-to-end process that brings a Steinway piano to market, and we own and perfect each of the key components that complete our brand. At each step, our highly trained craftsmen ensure that every Steinway piano meets our high standard of excellence.

Note: Revenue and net income figures are for fiscal year 2021, which ended Dec. 31, 2021.

Industry: Musical Instruments
Employees:
Founded: 1853
Contact Information
Address 1 Steinway Place Astoria, New York 11105
Phone Number (718) 721-2600
Web Address http://www.steinway.com/
View Prospectus: Steinway Musical Instruments Holdings, Inc.
Financial Information
Market Cap
Revenues $538.35 mil (last 12 months)
Net Income $59.26 mil (last 12 months)
IPO Profile
Symbol STWY
Exchange NYSE
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers Goldman Sachs/BofA Securities/Barclays/Evercore ISI/Cowen and Company/Stifel/Bernstein/ Telsey Advisory Group
CO-Managers -
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change