TENCENT READY TO TALK IPO WITH BANKS

Tencent Music in China will start interviewing banks for a position in its Stateside IPO that could be worth as much as $4b.

Bringing focus to the Chinese streaming giant’s plans, Thomson Reuters’ IFR reported that Tencent is looking to go public in the U.S. by the end of the year, and is seeking an IPO valuation of about $25b. Tencent had explored a Hong Kong listing, but new rules regarding weighted voting rights pushed them toward a U.S. market.

Based on filings from Spotify, which swapped stakes with the company last year, Tencent Music had a valuation of $12.3b in late 2017. Just as Spotify has perked up since going public, it’s now valued at about $28b, that valuation is not out of line. Stay tuned.