Tencent Music files for US IPO, aims to raise $1.2B

Business | Technology 12/3/2018, 1:43 PM
Tencent Music files for US IPO, aims to raise $1.2B

Tencent Music Entertainment Group (TME) launched its initial public offering (IPO) on the New York Stock Exchange (NYSE) on Monday, a filing with the US Securities and Exchange Commission showed.

The subsidiary of Chinese company Tencent Holdings aims to raise between $1.07 and $1.23 billion in the IPO and list under the symbol TME. According to previous reports, the company is expecting a valuation between $25 billion and $30 billion, which would mark the largest offering by a Chinese company in the US.

Tencent Music initially planned to go public in October but delayed the IPO as a result of the market selloff.

Breaking the News / NP

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