Tencent Music Entertainment is aiming to raise at least $2bn in an initial public offering, a smaller amount than anticipated for what had been expected to be the largest US flotation of the year.
The music streaming company, which is being spun out of Tencent Holdings, China’s largest internet and social media group, had been expected to raise as much as $4bn, although TME never publicly stated such intentions.
Three people familiar with the matter said the company would sell fewer shares than expected but had not scaled back its targeted valuation of $30bn.
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