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Tencent Music wants to raise as much as $ 1.2B in IPO

The activity, which dominates music streams in China, is owned by the Chinese internet giant Tencent (TCEHY). Tencent Music plans…

The activity, which dominates music streams in China, is owned by the Chinese internet giant Tencent (TCEHY).

Tencent Music plans to raise between $ 1.07 billion and $ 1.23 billion by publicly opening the New York Stock Exchange, according to a legislative application on Monday. That’s far less than the $ 2 billion that the company tried to raise earlier this year.

It would still be the third largest Chinese stock market launch in the US since the beginning of 2018, according to data provider Dealogic. Streaming video platform iQiyi (IQ) increased $ 2.3 billion and social shopping app Pinduoduo (PDD) increased 1.6 billion dollars.

Tencent announces that IPO will continue following reports in October, which the company refused to confirm that it puts the listing in place for several weeks due to the turmoil of financial markets that hit tech stocks particularly hard.

Tencent Music controls the music flow market in China with a series of applications through which users can listen to music, connect with other people to sing karaoke or watch pop star performers. The company revealed in its SEC filing that its four music apps have more than 800 million monthly active users.

It aims to sell 82 million shares to global investors for between $ 1

3 and $ 15 each. It could offer another 12.3 million shares through an overrunning option.

Spotify, which opened publicly in New York in April, owns a 9% stake in Tencent Music. The Chinese company also has a stake in Spotify.

Tencent Musics filing did not say when the stock market, which will get ticker TME, start trading in New York. Reuters reported that the trade defaults will be on December 12, referring to a source close to the deal.

Tencent Musics IPO adds the largest year of Chinese technical lists since Alibaba (BABA) became public in 2014. Other high-profile IPOs include smartphone maker Xiaomi and online provider Meituan Dianping, both of which were public in Hong Kong.


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