News - 04/12/2018

Tencent Music plans to raise up to $1.2bn in its IPO

Tencent Music plans to raise up to $1.2bn in its IPO

Tencent Music announced the terms of its IPO on the New York Stock Exchange.

The company is planning to sell 82 million shares to investors (for a price between $13 and $15 each), with an over-allotment option to possibly offer another 12.3m shares if required. This way the IPO could raise between $1.07bn and $1.23bn.

Spotify's own filing to go public earlier this year revealed that the company owned "approximately 9%" of Tencent Music. At the time of Spotify's filing in February, those shares were valued at €910m. Reuters reports that Tencent Music is targeting a valuation of between $22bn and $25bn from its IPO - which would make Spotify's 9% stake worth between $1.98bn and $2.25bn IF it sold its shares.

Tencent Music has not announced a date for its IPO yet, but according to Reuters shares will begin trading on December 12th. Sony Music and Warner Music also both already own shares in Tencent, having paid an aggregate cash consideration of around $200m for them in October.
 

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