Tencent Music presses play on $1.2 billion U.S. IPO – Reuters
What happened: Tencent Music submitted its IPO filing to the US Securities and Exchange Commission earlier this week. The company plans to list on the New York Stock Exchange and raise between $1.07 billion and $1.23 billion. It will sell 82 million American Depositary Receipts (ADRs) at between $13 and $15 each.
Why it’s important: The company initially filed for its IPO in October. However, to due unfavorable global stock market conditions, it decided to delay the process. It initially sought to raise $2 billion but has since downgraded its fundraising target. Sources told Reuters that Tencent Music was aiming to get listed this year because of fear over US-China trade tensions, and not because it desperately needed the money. The IPO could be one of the biggest by a Chinese company this year, falling behind iQiyi and Pinduoduo.
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.