Universal Music Shares Surge by 38% in Early Trading Following IPO
surged by more than a third in the first minutes of trading on Tuesday, following an initial public offering .
Ten minutes into the trading session, shares were changing hands at €25.61 on the Euronext Amsterdam stock exchange. That is a 38% leap compared with the €18.50 figure that the group announced on Monday as its reference price. With the shares at this valued, the group has a market capitalization close to $46 billion .
As the world’s largest label group, not to mention the second largest music publisher , UMG’s assets are more than impressive. The company recently spent hundreds of millions of dollars investing in talent — most notably in its eye-popping $300 million acquisition of Bob Dylan’s publishing catalog — a move that turned out to be prescient. In fact, a JP Morgan report said: “We would be worried if UMG were not investing ahead of a decade of double-digit industry growth.
“Many had left the industry for dead a decade ago, especially with piracy and a lot of the issues facing the music industry,” says Daniel Ives, MD of equity research at Wedbush Securities. “Now they come out smelling like roses. When you look at Universal, Warner Music and overall streaming with Apple Music and Spotify, it’s been a massive turnaround that very few predicted would happen.”
Last year, the U.S. trade’s $12.2 billion accounted for more than half of the $21.6 billion global revenue reported by the International Federation of the Phonographic Industry, so the RIAA report sets the stage nicely for the world’s largest music company to step out from Vivendi, its parent since 2001, a move that allows investors a pure-play opportunity to capitalize on music’s momentum.
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