- Shares surge almost 40% in early trade
- Biggest European listing of the year
- Listing is a coup for Amsterdam exchange
AMSTERDAM, Sept 21 (Reuters) – Universal Music Group’s (UMG.AS) shares leapt more than a third in their stock market debut on Tuesday as investors bet a boom in music streaming still has a long way to run.
The world’s biggest music label, which represents musicians and song catalogues from Billie Eilish to The Rolling Stones and Bob Dylan, saw its market value leap to 47 billion euros ($55 billion) in Europe’s largest listing of the year.
The company was spun off by France’s Vivendi (VIV.PA), which handed a 60% stake in Universal to its shareholders. Vivendi saw its market value drop by two thirds to about 12 billion euros, according to Refinitiv data, as it refocuses on other media assets such as pay TV brand Canal+.
Big winners from the Amsterdam listing include U.S. hedge fund billionaire William Ackman and China’s Tencent (0700.HK),…