Tencent’s online music unit files for US IPO
Tencent Music Entertainment is looking for a valuation of $25bn in its initial public offering
Bengalaru — Tencent Music Entertainment Group, on Tuesday, formally filed with regulators to list in the US, under the symbol “TME”, in what could be the biggest US initial public offering (IPO) by a Chinese company. The IPO of the music arm of Chinese tech giant Tencent Holdings — of which Naspers owns nearly a third — comes as the global online music industry gets back on track with more listeners streaming music through smartphone apps, even as companies battle piracy and try to sign up more paying customers. Tencent Music includes Spotify-like digital streaming apps QQ Music, Kugou and karaoke app WeSing, and is seeking a valuation of about $25bn, according to Thomson Reuters IFR. The company set a placeholder amount of $1bn to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. Market leader Spotify Technology debuted in April and its sha...
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