Shares of Universal Music Group NV—behind stars including Taylor Swift, Drake and the Beatles—surged in their trading debut, a strong vote of confidence from investors in continued growth in the music industry.
In early trading, the company’s stock rose 38% above the reference price of 18.50 euros, set Monday evening by the Euronext exchange in Amsterdam. At the current price, the world’s largest music company, which is being spun off from French media conglomerate Vivendi SE , has a valuation of more than €45 billion, equivalent to $52.75 billion.
