French media conglomerate Vivendi SA (VIV) plans to take 60% of its subsidiary Universal Music Group (UMG) public by the end of the year through an IPO.
Vivendi’s shares skyrocketed as much as 24% when the news broke – their biggest ever daily gain since listing on the stock market in the late 80s.
The company was planning to execute the listing in 2023, but it seems like it changed its mind and brought the deadline forward. Looks like someone’s either having IPO FOMO or is sensible enough to take advantage of the hot IPO market right now!
UMG represents some of the world’s hottest artists like Ariana Grande, Shawn Mendes, and Drake. So, think of having UMG’s shares as owning your own little piece of “Hotline Bling”!