In brief: Tencent Music raises $1.1bn in New York IPO

China-based music-streaming company Tencent Music has raised nearly US$1.1 billion in its US initial public offering (IPO), with shares priced at the low end of its targeted range of US$13 to US$15 apiece.

Tencent’s music arm sold a total of 82 million American Depositary Receipts at US$13 per share, it said in a filing with the Hong Kong stock exchange. The IPO values the company at US$21.3 billion.

Tencent Music initially planned to launch the deal in October but it was postponed due to volatility caused by the US-China trade war and fears of slowing global growth.

Source: Reuters