World

China’s Tencent Music raises nearly $1.1 billion in US IPO

indsamachar

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

China-based music streaming company Tencent Music Entertainment Group said it raised close to $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 $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.

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

Tencent Music sold 41 million ADRs, while existing shareholders sold a further 40.9 million, the filing said.

Tencent Music’s IPO tops off a bumper year for US listings by Chinese companies, with $7.9 billion raised before Tencent Music’s debut, Refinitiv data showed.

That is the highest amount since 2014, the year of Alibaba Group Holding Ltd’s record $25 billion IPO.

Tencent Music’s US IPO is the fourth largest among Chinese firms this year by deal value. Video streaming company iQiyi Inc leads with its $2.4 billion listing, followed by online group discounter Pinduoduo Inc at $1.6 billion and electric vehicle maker NIO Inc at $1.15 billion.

Returns for investors have been mixed, with the 31 Chinese IPOs in 2018 down an average of around 11 percent as of Dec. 10, according to data provider Dealogic.

With streaming apps QQ Music, KuGou, Kuwo as well as karaoke app We Sing, Tencent Music is China’s largest online music platform boasting more than 800 million active users monthly. The firm is often compared with Spotify Technology SA but offers more socially interactive services that make it profitable while its Swedish counterpart is not.

Tencent Music initially planned to launch the deal in October but postponed because of a sell-off in global markets roiled by a US-China trade war and fears of slowing global growth.

Tencent Music reported a 244 percent profit jump for January-September to $394 million. By comparison, Spotify lost a net $520 million.

Morgan Stanley, Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan are the lead sponsors of Tencent Music’s deal.

Tencent Music is due to begin trading on the New York Stock Exchange on Wednesday under the symbol “TME”.

 

23 Comments

23 Comments

  1. Pingback: research firm Toronto

  2. Pingback: Tarrant-County-Electric.info

  3. Pingback: เงินด่วนนอกระบบ 30 นาที สุรินทร์

  4. Pingback: is maha pharma legit

  5. Pingback: maha pharma winstrol 50 review

  6. Pingback: plumber near me in Watsonville

  7. Pingback: best wig sites

  8. Pingback: is cbd oil legal

  9. Pingback: fake watches harry hines

  10. Pingback: is bitcoin loophole safe?

  11. Pingback: Harold Jahn Utah

  12. Pingback: https://maxiextermination.com/pest-control-monroe-ia/

  13. Pingback: Regression Testing

  14. Pingback: devops

  15. Pingback: Rescue Towing Company

  16. Pingback: wig

  17. Pingback: credit card sites

  18. Pingback: GiiNii GN-5LS manuals

  19. Pingback: bonus veren bahis siteleri 2021

  20. Pingback: Peter Comisar Disgraced Ex Goldman Sachs Banker Sued By Scooter Braun For Fraud.

  21. Pingback: Cenforce 100mg

  22. Pingback: swiss made rolex submariner green water ghost 116610lv knockoff

  23. Pingback: amersfoort joas sexchat

Leave a Reply

Your email address will not be published.

seventeen − ten =

News is information about current events. News is provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population.

Contact Info

Address:
D 601  Riddhi Sidhi CHSL
Unnant Nagar Road 2
Kamaraj Nagar, Goreagaon West
Mumbai 400062 .

Email Id: [email protected]

West Bengal

Eastern Regional Office
Indsamachar Digital Media
Siddha Gibson 1,
Gibson Lane, 1st floor, R. No. 114,
Kolkata – 700069.
West Bengal.

Office Address

251 B-Wing,First Floor,
Orchard Corporate Park, Royal Palms,
Arey Road, Goreagon East,
Mumbai – 400065.

Download Our Mobile App

IndSamachar Android App IndSamachar IOS App
To Top
WhatsApp WhatsApp us