Universal Music Group IPO In Amsterdam Boosts Company’s Value To $53B After Shares Leap 39%
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deadline.comUniversal Music Group shares jumped 39% in their first trading day on the Euronext Amsterdam exchange.The company, which controls artists like Taylor Swift and Drake as well as a vast publishing catalog including the Beatles and Bob Dylan, ended the day with a valuation of nearly $53 billion.The spinoff of 60% of the music entity had been teased for a long time by parent Vivendi.
Heading into today’s public debut, UMG’s share price was set at €18.50 per share, resulting in a market capitalization of €33.5 billion on the day of listing.
By the end of day, the market value was €45 billion euros, or about $52.8 billion.William Ackman’s Pershing Square Capital bought a 10% stake in the company over the summer.
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