GMM Grammy Public Company Limited (SET: GMM) has announced that its Board of Directors approved the plan for the Initial Public Offering (IPO) of GMM Music Company Limited (GMM Music), a subsidiary of GMM, and the listing of the ordinary shares of GMM Music on the Stock Exchange of Thailand.
GMM Music engages in integrated music business from artist selection, music production, marketing, rights management, digital and physical music products distribution, concert and festival promoter and artist management.
The proportion of the number of the newly issued ordinary shares and existing ordinary shares (if any) of GMM Music to be offered in the IPO (the “IPO Shares”) shall not exceed 30.00 percent of the total paid-up capital of GMM Music after the capital increase and the offering of the IPO Shares. After the offering of the IPO Shares, the company will remain a major shareholder and the controlling person of GMM Music, and GMM Music will retain its status as the company’s subsidiary.
