Tencent has relaunched the IPO of its music business unit, after postponing it due to recent stock market volatility. The company has sent a filing to the US Securities and Exchange Commission, saying it will offer 82 million American depositary shares (ADS), representing 164 million Class A ordinary shares, at USD 13-15 per ADS. The IPO could raise up to USD 1.23 billion if priced at the top of the range.
After the IPO, Tencent will have 61.5 percent of total voting power in the company, or 61.4 percent if the greenshoe is exercised. The new company Tencent Music has been approved for listing the ADS on the New York Stock Exchange.
The company said it has about 800 million monthly active users and that revenues for the first nine months of the year jumped 83.7 percent from the year before to CNY 13.6 billion.
