China's Tencent Music debut strikes a chord with investors

2018-12-13 10:32
 
Tencent Music

New York — Shares in Chinese streaming music giant Tencent Music Entertainment are up 7 percent to $13.90 in afternoon trading Thursday, their first day of trade.

The company's initial public offering of 82 million shares was priced at $13 a share and is expected to raise between $1.07bn and $1.23bn. The stock is listed on the New York Stock Exchange under the TME symbol.

A little more than half of the shares are being offered by the company, with the remainder being offered by shareholders.

Tencent said earlier this year it had more than 800 million users, including 23.3 million subscribers to its music library.

The company, whose shareholders include the leading music streaming service Spotify, earned $199m on revenue of $1.66bn last year.

Spotify went public in April.

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