Tencent Music Entertainment Group, China's largest online music-streaming service, filed on Tuesday with the SEC to raise up to $1.0 billion in an initial public offering. However, the proposed deal size may be a placeholder; recent articles have suggested that Tencent Music plans to raise $2 billion in its IPO, down from an original target of $4 billion.
The Shenzhen, China-based company, formerly China Music Corp., was founded in 2012 and booked $2.2 billion in sales for the 12 months ended June 30, 2018. It plans to list under the symbol TME, though it has not disclosed an exchange. Tencent Music Entertainment Group filed confidentially on July 6, 2018. BofA Merrill Lynch, Deutsche Bank, Goldman Sachs (Asia), J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
