Tencent Music halves amount sought in IPO to $2bn
"Music Ally" posted a brief update on Tencent Music’s IPO in the US.
The filing hasn’t been published yet, but it seems there are some new developments. Indeed, Reuters reported that Tencent Music has halved the amount it’s seeking to raise in the IPO from $4bn to $2bn.
Reuters writes that it’s unclear whether this means Tencent Music has also lowered its target valuation of $25bn in the IPO, which it is thought to have filed confidentially for earlier this month.
According to previous reports, Tencent claims 700 million monthly active users across its three music-streaming services in China, accounting for as much as 78% of the market there by some estimates.