Universal Music Group Stock Jumps in Market Debut
The music giant's shares started trading on the Amsterdam stock exchange after a spin-off from Vivendi.
’s shares jumped in their stock market debut on Amsterdam’s Euronext exchange on Tuesday.As of 9:10 a.m. Amsterdam time, the stock was trading at 25.74 euros ($30.19), giving the company a market capitalization of 46.67 billion euros ($54.7 billion), after opening at 25.25 euros ($29.61) and going as high as 25.775 euros. Late Monday, the stock’s
reference price had been setat 18.50 euros ($21.70) per share, signaling a market value of around 39 billion euros. Compared to that reference price, the stock was up 39 percent shortly after 9 a.m. local time.With the music powerhouse’s market listing, French media company Vivendi is cashing in on a bounceback of the music sector thanks to a boom in streaming revenue. With the music unit now trading separately,
Vivendi shares were down 17.8 percent in Paris trading early on Tuesday at 10.71 euros ($12.55). Read more: Hollywood Reporter »
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Universal Music Group shares surge on stock market debut Universal Music Group 's shares surged at the start of trading on Tuesday, as owner Vivendi spun off the record label in the biggest European listing of the year.
Universal Music valued around $39 billion ahead of stock market debut Universal Music Group , the business behind singers such as Lady Gaga, Taylor Swift and The Weeknd, is valued at around 33.5 billion euros ($39.30 billion) ahead of the record label's stock market debut in Amsterdam on Tuesday.
Universal Music Approaches $46 Billion Valuation Following IPOShares in Universal Music Group surged by more than a third in the first minutes of trading on Tuesday, following an initial public offering (IPO). Ten minutes into the trading session, shares were…
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