Lady Gaga performs during the Pepsi Zero Sugar Super Bowl 51 Halftime Show at NRG Stadium on February 5, 2017 in Houston, Texas.
Tom Pennington | Getty Images Sport | Getty Images
Shares of Universal Music Group surged when it debuted on Tuesday, in the biggest European 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 benchmark price of 18. 5 euros per share. It is listed on the Euronext Amsterdam stock exchange.
In June, French media group Vivendi won shareholder support for its planned UMG split, which is considered its crown jewel. 60% of UMG shares will go to Vivendi shareholders.
UMG accounts for around three-quarters of Vivendi’s profits, which has raised questions about the company’s future strategy, given that it will only hold a 10% stake in UMG after the IPO. Another 20% is owned by Chinese giant Tencent, and 10% is owned by billionaire William Ackman’s hedge fund, Pershing Square.
UMG is the world’s largest music company and dominates the music industry as a member of the “Big Three” alongside Warner Music Group and Sony Music.
He owns and operates businesses in over 60 countries and is behind other well-known names in music including Ariana Grande and Queen. Its historical catalog also includes iconic artists like Bob Dylan and the Beatles, who were major points of attraction for investors.
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