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.