If Universal Music Group’s spinoff from parent Vivendi was an album or single, it would be number one with a bullet, in old music-industry terms: With a closing price of €25.10 on the first day of …
’s spinoff from parent Vivendi was an album or single, it would be number one with a bullet, in old music-industry terms: With a closing price of €25.10 on the first day of the company’s stock launch on the Euronext Amsterdam, the world’s largest music company landed a whopping 36.5% above its initial reference price of €18.50.
Although Monday was a difficult day for the New York exchanges, UMG’s Amsterdam offering, which launched at 3 a.m. New York time, showed “massive investor appetite for this name coming out of the gates,” says Daniel Ives, managing director of equity research at Wedbush Securities. “It’s a good sign for the music sector.”
It was Tencent’s announcement in the summer of 2019 that its consortium planned to invest to acquire 10% of UMG that initially prompted Morgan Stanley to value a stand-alone Universal Music at around $30 billion, a reckoning that not only buoyed the company’s worth, but also encouraged competitor Warner Music Group to take itself public in 2020.
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