Two months after Tencent Music Entertainment reportedly postponed its initial public offering amid a global selloff, it has reappeared and moving forward. The company, which is also China’s largest streaming music service, said in a regulatory filing today that it plans to offer 82 million American depositary shares (ADS), representing 164 million Class A ordinary shares, for between $13 to $15 each. Further meaning, rhe IPO will potentially raise up to $1.23 billion.
The company is offering 41.03 million ADS, meanwhile selling shareholders will offer the remaining 40.97 million ADS. In addition, it will make it on the New York Stock Exchange list, under the ticker symbol TME. Tencent Music’s controlling shareholder, Tencent Holdings, agreed to purchase Class A ordinary shares valued at up to $32 million, per the filing.
Not only is Tencent Music China’s largest online music entertainment platform, with nearly 800 million monthly active users, it’s one of the biggest in the world. To further emphasize, Spotify, one of Tencent Music’s shareholders and strategic partners, currently has 170 million monthly active users.
Tencent Music initially filed for its stock market debut at the beginning of October, however, WSJ reported it stopped its IPO plans due to a selloff in global markets that hit Chinese markets particularly hard. Though, the stock market is currently booming thanks to a truce in the U.S.-China trade war.
Techcrunch reports that the offering’s lead underwriters are Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank Securities, and Bank of America Merrill Lynch.