Shares in Universal Music sing on market debut

Universal Music Group’s shares have surged after the world’s biggest label debuted on Euronext in Amsterdam.

The shares debuted at €18.50, giving UMG an initial market capitalisation of €33.5bn, and by 1230 BST were trading 36% higher at €25.20.

The business has been spun out of French media group Vivendi, which is distributing 60% of UMG’s shares to Vivendi shareholders. A further 10% is being retained by Vivendi, while external investors including China’s Tencent and US investor Bill Ackman acquired a 30% stake ahead of the listing.

Vivendi’s stock was trading 14% lower as at 1230 BST, mainly on dilution.

Lucian Grainge, chief executive of UMG, called the listing "an exciting milestone" that reflected "our position as the world’s leading music-based entertainment company and our deep commitment to our amazing artists, songwriters and partners". Artists on UMG's books include Lady Gaga, Billie Eilish, Ariana Grande and Post Malone.