Tencent Music Entertainment, a Chinese music streaming giant, rang the New York Stock Exchange (NYSE) opening bell on Wednesday in celebration of its initial¹ public offering (IPO).

 

腾讯音乐娱乐集团周三在纽约证券交易所敲钟上市，庆祝首次公开募股。

 

The company, trading under the ticker symbol of "TME," announced its IPO of 82 million American depositary shares (ADSs), at a price to the public of 13 U.S. dollars per ADS for a total offering size of approximately 1.1 billion dollars.

 

Each ADS represents two Class A ordinary shares of the company.

 

Bank of America, Deutsche Bank, Goldman Sachs, JPMorgan and Morgan Stanley are the lead sponsors of the deal.

 

Tencent Music started trading at 14.10 U.S. dollars per share on Wednesday, climbing 8.77 percent from its pricing, and was traded at 14.14 dollars apiece around midday.

 

The IPO is the fourth largest among Chinese firms listed in the United States this year by deal value, behind video streaming platform iQiyi, online group discounter Pinduoduo and electric vehicle maker² NIO Inc..

 

Tencent Music owns streaming apps QQ Music, Kugou, Kuwo and karaoke app WeSing, with over 800 million total monthly active users (MAUs) in the third quarter of 2018.

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