Tencent Music Entertainment Group, China's largest online music-streaming service, announced terms for its IPO on Monday.
The Shenzhen, China-based company plans to raise $1.15 billion by offering 82 million ADSs (50% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Tencent Music would command a fully diluted market value of $23.4 billion.
Tencent Music Entertainment Group was founded in 2012 and booked $2.5 billion in sales for the 12 months ended September 30, 2018. It plans to list on the NYSE under the symbol TME. Morgan Stanley, Goldman Sachs (Asia), J.P. Morgan, Deutsche Bank and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of December 10, 2018.
