Universal Music’s Shares Soar 36.5% at First Day of Trading’s Close
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variety.comGeoff Mayfield If Universal Music Group’s spinoff from parent Vivendi was an album or single, it would be number one with a bullet, in old music-industry terms: With a closing price of €25.10 on the first day of the company’s stock launch on the Euronext Amsterdam, the world’s largest music company landed a whopping 36.5% above its initial reference price of €18.50.The splash yields a market value of €45.51 billion ($53.37 billion), easily justifying the rosy evaluations that investment analysts floated in advance of the initial public offering.Among reports circulated in advance of Tuesday’s launch, Barclays had floated one of the most optimistic forecasts when its London office estimated a valuation of €41.4 billion ($48.4 billion), up.
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