Tencent Music has priced its initial public offering of shares at USD 13 per ADS, the low end of its indicated range. This results in gross proceeds of USD 1.066 billion from the sale of 82 million ADS in the IPO, excluding any greenshoe option.
Tencent Music will receive around half the proceeds, while the remainder will go to its controlling shareholder Tencent, which sold 41 million existing shares in the offering. Tencent said it will pay a special dividend to shareholders with the proceeds.
Tencent Music shares will start trading 12 December on the New York Stock Exchange.
