News

China’s Tencent Music Raises Nearly $1.1B in U.S. IPO

Tencent Music IPO is currently valued at $21.3 billion

Tencent Music

China-based music streaming giant, Tencent Music raises $1.1 billion in its U.S. Initial Public Offering(IPO) after evaluating its shares at the bottom of the marketed-range.

Tencent Music, also the wing of gaming giant Tencent Holdings Ltd, priced its American Depositary Receipts(ADRs) at $13 per share.

With more than 800 million monthly users, Tencent Music valuation is at $21.3 billion as reported by the IPO, falling short of $23.3 billion valuation of Spotify Technology SA, which is also an investor in Tencent Music.

Initially, Tencent Music planned to launch the deal in October but later postponed because of a sell-off in global markets churned by a U.S.-China trade war.

Vey-Sern Ling, an analyst with Bloomberg Intelligence, vocalized his response about the pricing,

Adding to $8 billion raised in the U.S., it is the highest amount since 2014, when Alibaba Group Holding Ltd. priced the IPO at a record of $25 billion.

By deal valuation, Tencent Music’s U.S. IPO is the fourth largest among other Chinese firms this year. Leading the queue is iQiyi Inc, a video streaming company with $2.4 billion listings, followed by online group discounter Pinduoduo Inc at $1.6 billion and vehicle maker NIO Inc at $1.15 billion.

With lead sponsors like Morgan Stanley, Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan, Tencent Music reported a 244 percent profit jump for January - September to $394 million. Comparatively, Spotify lost a net $520 million.

Ling said,

Tencent Music will begin trading on the New York Stock Exchange on Wednesday under the symbol ‘TME.’

Arpit Dubey
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Arpit Dubey
Arpit is a dreamer, wanderer, and a tech nerd who loves to jot down tech musings and updates. With a logician mind, he is always chasing sunrises and tech advancements while secretly preparing for the robot uprising.

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