Tencent Music Entertainment on Monday launched its initial public offering as global stock markets rallied after a weekend ceasefire in the trade war between the US and China.
The music streaming business, a mash-up of Chinese companies acquired and rolled up by Tencent, and selling shareholders will offer 82m American depositary shares at between $13 and $15 a piece. Each ADS represents two class A ordinary shares, according to a regulatory filing.
Based on that range, the entire offer will raise up to $1.2bn with $615.4m going to Tencent Music and the rest to selling shareholders. The filing also said Tencent Holdings, the controlling shareholder of Tencent Music, has agreed to purchase up to $32m worth of shares.
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