TENCENT MUSIC IPO RAISES $1.1B
China’s music streaming behemoth Tencent Music began trading on its second day on the New York Stock Exchange at its closing price from day one, $14. The IPO raised $1.1b for the company.
After setting a price of $13 a share, Tencent Music began trading at $14.10 on the New York Stock Exchange, and was rising above $14.50 in the first hour of trading. It settled down to a low of $13.75 before bouncing back to the opening price.
At $14 a share, Tencent Music is valued at $24b, on par with Spotify's current valuation. Earlier this year, the company was reportedly looking for a valuation of at least $25b. Still, it is one of the largest traditional IPOs by market value in the U.S. in recent years.
Tencent Music, which operates apps including QQ Music and a karaoke site, is trading under the symbol TME.
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A CHORUS OF PRAISE: IVORS 2024 NOMS
