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Tencent Music raises nearly USD 1.1 billion in US IPO

Dec 12, 2018 by The Passage Team
Tencent Music raises nearly USD 1.1 billion in US IPO

China-based music streaming company Tencent Music Entertainment Group (TME.N) said it raised close to USD 1.1 billion in its US initial public offering (IPO) after pricing its shares at the bottom of its targeted range.

The music arm of gaming and social network giant Tencent Holdings Ltd priced its American Depositary Receipts (ADRs) at USD 13 per share, at the low end of its indicated USD 13 to USD 15 per share range, it said in a filing with the Hong Kong stock exchange.

The IPO values Tencent Music at USD 21.3 billion and shows how companies are defying a bout of market volatility with flotations.

Source: Reuters

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