Tencent Music Entertainment (TME) – China’s answer to Spotify – is facing crunch time on its hotly anticipated USD 2 billion mega IPO this year. The streaming music giant, which has more than 800 million monthly users, had initially pencilled in an October launch for a US IPO of up to USD 2 billion, but decided last month to delay until November in the hope that markets would settle.
Now, the last mega US IPO of the year faces a still-weak mood towards tech stocks and ongoing market jitters ahead of next week’s G20 meeting in Buenos Aires. TME and its advisers have discussed pushing the deal into early 2019, according to two sources involved. No decision has yet been made by the company, they added.