PSTH - Ackman-backed Universal Music Group soars some 35% following Amsterdam IPO

Bill Ackman-backed Universal Music Group stock soared Tuesday in its Netherlands IPO, rising by more than a third intraday after parent Vivendi spun off the pop-music powerhouse in 2021’s largest European initial public offering. UMG, whose catalog ranges from Billie Eilish to the Beatles, shot up some 35% on the Euronext Amsterdam exchange to trade at 24.97 euros as of midday, up sharply from their 18.50 euro reference price. That gave the company a market cap of about 47B euros ($55B). Universal is the parent company of many of the world’s most iconic record labels and home to decades’ worth of top musicians. The firm’s roughly 80 labels range from Motown to Abbey Road Studios, while its generations of artists run the gamut from Drake to the late Frank Sinatra. Vivendi spun off 60% of the firm through an IPO, but is keeping about a 10% stake. Major existing Vivendi

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Ackman-backed Universal Music Group soars some 35% following Amsterdam IPO