Universal Music Group shares surge on stock market debut

Pershing Square Holdings

21/09/2021 08:04

AMSTERDAM, Sept 21 (Reuters) - Universal Music Group's
shares  UMG.AS  surged at the start of trading on Tuesday, as
the company behind singers such as Lady Gaga and Taylor Swift
made its stock market debut.
    Universal Music Group (UMG) was trading at 25.50 euros by
0705 GMT, up by around 37.8% compared to their reference price
of 18.50 euros.
    UMG's listing will be Europe's largest this year and will
hand 60% of shares to the shareholders of French media
conglomerate Vivendi  VIV.PA .
    UMG is betting that a boom in streaming led by Spotify
 SPOT.N  that has fuelled royalty revenue and profit growth for
several years still has a long way to run, in a music industry
it dominates along with Warner  WMG.O  and Sony Music  6758.T .
    

 (Reporting by Toby Sterling, Ingrid Melander and Sarah White;
Editing by Sudip Kar-Gupta)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))