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Taylor Swift at Universal Pictures’ world premiere of “Cats” in New York City.

AFP via Getty Images

Shares of


Universal Music Group
,
the world’s largest music company, soared Tuesday on their first day of listing in Amsterdam, up 38% from their €18.5 reference price.


Vivendi,

Universal Music Group’s French parent company, floated 60% of the music group in a spinoff to its existing shareholders, which also included billionaire Bill Ackman with a 10% stake, and China internet conglomerate Tencent, which acquired a 20% stake last year.

The listing Tuesday gave UMG a €45 billion market capitalization. Ackman bought his stake based on a €35 billion valuation.

Vivendi shares were trading at 15% below their Monday level in Paris after the spinoff, now giving the company a smaller valuation than its former music division.

The French group will retain a 10% stake in UMG, the company behind Lady Gaga, Taylor Swift and the Rolling Stones.

Write to Pierre Briançon at [email protected]

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