Universal Music Group shares soar in market debut
Lady Gaga performs during the Pepsi Zero Sugar Super Bowl 51 Halftime Show at NRG Stadium on February 5, 2017 in Houston, Texas.
Getty Photos Universal Music Group shares have surged since its debut on Tuesday in Europe’s biggest stock exchange listing.| Getty Images Sport | Getty Images
Universal Music Group shares surged in its stock market debut Tuesday, in Europe’s largest listing of the year so far.
The company behind platinum-selling artists including Lady Gaga and Taylor Swift opened trading at around 25.05 euros ($29.37) per share, more than 35% above the reference price of 18.5 euros per share.
French media giant Vivendi secured shareholder backing for UMG’s planned spin-off. This is UMG’s crown jewel. 60% of UMG shares will be transferred to Vivendi shareholders.
It is listed on Euronext Amsterdam’s stock exchange.