Tencent Music Raises $1.1 Billion in US IPO - MobileAppDaily
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China’s Tencent Music Raises Nearly $1.1B in U.S. IPO

Tencent Music IPO is currently valued at $21.3 billion

https://dk2dyle8k4h9a.cloudfront.net/China’s Tencent Music Raises Nearly $1.1B in U.S. IPO

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 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 $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 listing, 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.’

Vikram Khajuria
Written By Vikram Khajuria

Jack of all trades. Covering the journalism field, Vikram writes at MobileAppDaily and keeps surfing the trends to understand tech and inventions better. Don’t forget his driving skills, he is a professional car rallyist. Life has just got better. Breathe it!!

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