Tencent Music has firmed up its plan to set up shop on Wall Street, right on the heels of a (temporary) truce in the China-U.S. trade war. According to new filings with the Securities and Exchange Commission, the Chinese tech giant will seek to raise between $1.07 billion and $1.23 billion in a New York Stock Exchange IPO by year's end.
The Tencent Holdings subsidiary had originally planned to launch its American IPO in October, but delayed as fellow tech companies experienced global market selloffs. The $1.2 billion entry is significantly more conservative than the earlier reported $2 billion target, though the company never confirmed that figure.
The company said in the SEC filing that it is selling a total 82 million American depositary shares in this IPO, representing Class A ordinary shares of TME, at an estimated price between $13 and $15. At $1.2 billion, the IPO would make it the third largest by a Chinese company in the U.S. this year, behind iQiyi ($2.4 billion) and Pindouduo ($1.6 billion).