Universal Music Group files confidential application for IPO in the United States.

The world's largest music record company Universal Music Group revealed on Monday that the company has secretly applied for a listing in the United States. Universal Music's main listing location is in the Netherlands, and the company did not disclose the size of the US listing or how much funding they plan to raise. Based on data from the LSEG, the company's valuation is estimated to be around 49.65 billion euros based on Monday's closing price on the Dutch stock exchange. The company's stock price has risen by about 10% this year. Billionaire Bill Ackman's Pershing Square Holdings is one of the major shareholders of Universal Music, and had previously pushed for the company to list in the United States.