Deals

Tencent Music Climbs in Trading Debut After $1.1 Billion IPO

China’s largest streaming service sold ADSs for $13 apiece
Its $22.9 billion valuation on debut falls short of Spotify’s

Bloomberg’s Ramy Inocencio reports on the U.S. trading debut of Tencent Music, China’s biggest streaming service.(Source: Bloomberg)

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By Crystal Tse and Lulu Yilun Chen

December 12, 2018 at 12:40 AM UTC

Updated on

December 12, 2018 at 9:54 PM UTC

This article is for subscribers only.

Tencent Music Entertainment Group climbed in its U.S. trading debut Wednesday after pricing its initial public offering at the bottom of a marketed range.

China’s largest music-streaming service, which is backed by Tencent Holdings Ltd., and current holders raised $1.1 billion by selling 82 million American depositary shares at $13 apiece Tuesday. The shares were offered at $13 to $15 each. Tencent Music opted to price lower after initially guiding fund managers that orders were coming in around the midpoint of the marketed range.