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Tencent Music Raises $1.1 Billion in U.S. IPO

radiofacts.comTencent 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.

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1 comment

Aaron December 13, 2018 at 12:31 pm

2 Billion was a far fetched target in the first place.

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