The Wall Street Journal has postponed its initial public offering (IPO) because of the recent market sell-off, per Tencent Music Entertainment. After meeting with its underwriters it decided to delay its debut over concerns the sell-off would hurt its pricing. Tencent Music had been set to start trading in mid-October, but will now wait until November. In a prospectus filed earlier in October the company revealed plans to raise up to $1bn in its IPO. Tencent’s music division owns China’s four biggest music apps and is backed by Spotify.
Tencent Music Entertainment has postponed its initial public offering (IPO) because of the recent market sell-off, per The Wall Street Journal. After meeting with its underwriters it decided to delay its debut over concerns the sell-off would hurt its pricing. Tencent Music had been set to start trading in mid-October, but will now wait until November. In a prospectus filed earlier in October the company revealed plans to raise up to $1bn in its IPO. Tencent’s music division owns China’s four biggest music apps and is backed by Spotify.