News - 22/11/2018

Tencent Music IPO could slip to 2019

Tencent Music IPO could slip to 2019

Chinese streaming giant Tencent Music is going public, but it's not clear if it will happen this year.

The company delayed its planned IPO from October, but as Reuters reported, the intention was still to float in November. Tha article says:

Now, the last mega US IPO of the year faces a still-weak mood towards tech stocks and ongoing market jitters ahead of next week’s G20 meeting in Buenos Aires. Indeed, TME and its advisers have discussed pushing the deal into early 2019, according to two sources involved. No decision has yet been made by the company, they added.

Tencent Music had originally been hoping to raise up to $2bn in the IPO at a reported valuation of $30bn. The stock-market performance of Spotify in recent weeks is another factor that may be staying Tencent Music’s hand.

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