WMG, Sony stock get ‘UMG bump’ as Universal soars 36% on IPO
[UPDATED] Universal Music Group soared 35.68% on Tuesday as the new stock debuted on the Euronext Amsterdam exchange. By day’s end, UMG’s valuation had grown to more than $52 billion, up from an IPO valuation of $39 billion.
That made UMG the biggest European IPO in 2021 so far.
Investor love of major music companies extended to Warner Music Group whose overall valuation saw a $2 billion single-day increase. WMG stock was up 11.77% on a day when the NASDAQ where it trades was up just 0.48%.
Even Sony, whose music group is just part of a large and diverse corporation was up 3.55% on a day when the New York Stock Exchange where it trades was essentially flat up 0.10%