Shares of Universal Music Group NV—the music giant behind stars including Taylor Swift, Drake and the Beatles—surged in their trading debut, representing a strong vote of confidence among investors in a resurgent music industry.
The company’s stock rose 36% above a reference price set Monday evening by the Euronext exchange in Amsterdam, where Universal shares made their debut Tuesday. French media conglomerate Vivendi SE had for years teased a spinoff of Universal, the world’s largest music company.
