Tencent’s Music Arm Prices U.S. IPO at Bottom of Range

Investing.com - Hong Kong-listed Tencent Holdings Ltd (HK:0700)'s’ music arm, Tencent Music Entertainment Group (NYSE:TME), priced its U.S. initial public offering (IPO) at $13 per share, at the low end of its indicated $13 to $15 per share range.

The company said it sold 82 million American depositary shares at $13 a piece and raised close to $1.1 billion in its U.S. IPO, according to a filing with the Hong Kong stock exchange.

Although the company priced its IPO at the low end of its indicated range, the offering was still ranked as one of the largest listings in the U.S. in the past few years.

Tencent Music’s shares are set to begin trading on Wednesday on the New York Stock Exchange.

According to a regulatory filing, TME’s total revenue rose to CNY 13.6 billion ($1.97 billion) for the nine months ended September 30, from CNY 7.4 billion in the year-ago period, while profit rose to CNY 2.7 billion from CNY 785 million, according to a regulatory filing.

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