Tencent Music Entertainment Group, China’s largest music-streaming company, is preparing what would be one of the biggest technology IPOs ever following the successful debut of its European counterpart, Spotify Technology SA. The digital-music business of Chinese internet giant Tencent Holdings Ltd. plans to interview potential underwriting banks over roughly the next month, according to people familiar with the matter. The...
There are plans to interview banks that could underwrite Tencent Music Entertainment Group’s initial public offering (IPO) over the next month or so, according to the Wall Street Journal, citing people familiar with the matter. Although a venue has not been chosen, if an IPO is forthcoming, the business is expected to list in the US. Some suggest Tencent Music, which is more than 50% owned by Tencent Holdings, could be valued over $25bn; double the $12.5bn valuation estimated when Spotify took a 9% stake in the company as part of a share swap toward the end of last year.