UMG'S OPENING PRICE WILL BE ABOUT $22

The day before it goes public, Universal Music Group has been valued at $39.3b and will be listed tomorrow at €18.5—$21.69—per share.

Euronext, the Amsterdam market on which the company will be traded, made the announcement of Vivendi’s reference price (a guide based on private trades).

In the month since UMG reported that its revenues will jump 10% in 2021, Barclays increased its valuation to €41.4b ($48.55); JPMorgan analysts have pegged their valuation of €54b ($62.3b) as "conservative."