Shares of the Universal Music Group stock soared on its first day of trading on the Euronext exchange on Tuesday. The world's biggest label has a lineup of some of the biggest music stars of the past and present, from The Beatles to Taylor Swift, from Bob Dylan to Justin Bieber.
UMG has been a lucrative asset for owner Vivendi which recently sold off a 20% stake to Chinese tech firm Tencent (TME) - Get Tencent Music Entertainment Group Sponsored ADR Class A Report and 10% to U.S. hedge fund billionaire Bill Ackman.
The IPO distributed 60% of UMG share to shareholders while Vivendi keeps 10% maintaining a co-management agreement with Tencent.
The UMG IPO ended its first day of trading with share prices rising from 18.5 euros to over 25 euros ($29) lifting the valuation of Universal Music Group to over $50 billion.