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Universal Music shares soar in stock market debut
The music giant, whose artists include The Beatles and Taylor Swift, was floated by its owner, French media giant Vivendi, with shares jumping from a debut price of 18.50 euros to 25.52 euros (29.9 dollars) at 0720 GMT.
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A view of the Universal Music Group (UMG) headquarters is seen on February 9, 2021 in Santa Monica, California. UMG and TikTok announced on February 8, 2021 a global agreement that (Agence France Presse/Valerie Macon)
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he value of shares in Universal Music jumped by 35 percent in their first minutes of trading on the Amsterdam stock market on Tuesday.
The music giant, whose artists include The Beatles and Taylor Swift, was floated by its owner, French media giant Vivendi, with shares jumping from a debut price of 18.50 euros to 25.52 euros (29.9 dollars) at 0720 GMT.
Universal Music Group, the world's biggest label, was valued at more than $39 billion on Monday, a day before its huge stock market debut.
The company is based in the US but owned by French media conglomerate Vivendi, which is offloading a majority stake of the lucrative unit on Amsterdam's Euronext index on Tuesday.
Euronext announced in a statement late Monday that UMG's floating price is 18.50 euros ($21.70) per share, putting its value at 33.5 billion euros ($39.3 billion).
Vivendi is owned by French billionaire Vincent Bollore, who has positioned himself as a powerful right-wing media baron in recent years.
Although Vivendi will retain a chunk of Universal Music, it is looking to focus more on TV, advertising and publishing.
