Tencent Music has raised $1.1 billion (£872 million) for its IPO on the New York Stock Exchange today (December 12).
Shares for Tencent Music Entertainment Group were priced at the bottom end of the forecast range at $13.
The Chinese streaming company had planned to go public in October, but the IPO was postponed amid market volatility resulting from a US-China trade standoff.
The IPO values Tencent Music at $21.3bn – slightly less than the opening $23.5bn market capitalisation of Spotify in April, based on its reference price of $132. The Swedish streaming giant’s share price made gains but has since fallen back to below its opening value.
Unlike Spotify, Tencent is actually profitable. For the period January to September, profits were up 244% to $394m.