Universal Music Group (UMG) made its debut on the Euronext Amsterdam stock exchange yesterday, 21 September, and by the close of play the world’s largest music company was valued at £38bn, way higher than expected.

Former parent company Vivendi’s move to take UMG public in the Netherlands saw the share price finish  more than 35% higher than the initial reference price of €18.50 (£15.90).

JP Morgan Cazenove had described UMG, the company behind platinum-selling artists including Lady Gaga, Taylor Swift and Bob Dylan, as an “extraordinary, must-own asset”.

While UMG is not active in promoting live concerts, it owns merchandising operation Bravado and runs livestream events via the VenewLive platform, the result of a joint venue between UMG, K-Pop titans Big Hit Entertainment and YG Entertainment. VenewLive projects include online shows by BTS, Snoop Dog and Justin Bieber.

Vivendi continues to own ticketing service See Tickets and promoters Olympia Production.

UMG chairman and CEO Sir Lucian Grainge said, “Today’s listing marks an exciting milestone in UMG’s storied history, reflecting our position as the world’s leading music-based entertainment company and our deep commitment to our amazing artists, songwriters and partners.”