Universal Music Group BV shares soared in their stock market debut as investors seized the chance to own the dominant player in a resurgent music industry.
Spun off from French media company Vivendi SE, UMG hit the Amsterdam stock market with a value of 45.4 billion euros ($53.2 billion). The listing comes days after the U.S. recorded music sector reported strong sales growth driven by a surge in streaming audiences on platforms such as Spotify and Apple Music during the pandemic.
