Universal Music Group shares soar in market debut

Lady Gaga performs during the Pepsi Zero Sugar Super Bowl 51 Halftime Show at NRG Stadium on February 5, 2017 in Houston, Texas.

Tom Pennington | Getty Images Sport | Getty Images

Universal Music Group shares surged in its stock market debut Tuesday, in Europe’s largest listing of the year so far.

The company behind platinum-selling artists including Lady Gaga and Taylor Swift opened trading at around 25.05 euros ($29.37) per share, more than 35% above the reference price of 18.5 euros per share.

In June, French media group Vivendi won the backing of shareholders for its proposed spin-off of UMG, which is considered its crown jewel. 60% of UMG’s shares will go to Vivendi shareholders.

The company listed on the Euronext Amsterdam stock exchange.