TENCENT MUSIC IPO RAISES $1.1B

China’s music streaming behemoth Tencent Music began trading on its second day on the New York Stock Exchange at its closing price from day one, $14. The IPO raised $1.1b for the company.

After setting a price of $13 a share, Tencent Music began trading at $14.10 on the New York Stock Exchange, and was rising above $14.50 in the first hour of trading. It settled down to a low of $13.75 before bouncing back to the opening price.

At $14 a share, Tencent Music is valued at $24b, on par with Spotify's current valuation. Earlier this year, the company was reportedly looking for a valuation of at least $25b. Still, it is one of the largest traditional IPOs by market value in the U.S. in recent years.

Tencent Music, which operates apps including QQ Music and a karaoke site, is trading under the symbol TME.

BACK TO RUMOR MILL

		SPRING BREAKOUTS: THESE HEATERS ARE STILL HOT Who's Boomin who. (4/25a) Check It Out Now SONG REVENUE: “SWEET” SMELLS OF SUCCESS Life after "Church" (4/25a) Check It Out Now THE COUNT: ALL THE DESERT'S A STAGE Jon Wayne is rolling over in his grave. (4/25a) Check It Out Now THE ODDS ON TUCKER WETMORE Who's gonna get him? (4/25a) Check It Out Now GONE COUNTRY: HOUSE LIPMAN INVESTS IN WESTERN WEAR The full Monte (4/25a) Check It Out Now
		THE NEW UMG Gosh, we hope there are more press releases. TIKTOK BANNED! Unless the Senate manages to make this whole thing go away, that is. THE NEW HUGE COUNTRY ACT No, not that one. TRUMP'S CAMPAIGN PLAYLIST Now 100% unlicensed!

rumor mail

Email

First Name

Last Name

Company

Country
CAPTCHA code

Captcha: (type the characters above)

By clicking submit you are agreeing
to Terms and Conditions

TENCENT MUSIC IPO RAISES $1.1B

Modal