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Tencent Music, the Chinese streaming giant, raised $1.1 billion in its American IPO. Its shares started trading today on the NYSE under the ticker TME. With its IPO price, TME's valuation is at $21.3 billion. A subsidiary of Tencent Holdings, its American IPO was originally prepared for launch in October but delayed as tensions between U.S. and China escalated. The $1.1 billion market entry is a relevant drop from the company's initial (but unconfirmed) $2 billion targets. Of 82 million American depositary shares (ADS), half will be sold by Tencent Music while the other half will be moved by current shareholders.
Radio Facts: Chinese e-commerce giant Tencent is spinning off Tencent Music, announced in early July, but its IPO may be halved--raising $2 billion instead...