Investing.com - Tencent Music Entertainment Group, China’s largest music-streaming firm, is looking to raise around $2 billion in a U.S. listing, down from the $4 billion touted before, according to sources from Reuters.
The company is said to have filed for the IPO on Sept. 7 with the U.S. Securities and Exchange Commission in what might be one of the biggest listings in New York by a Chinese firm in 2018.
The company was seeking a valuation of about $25 billion before, according to sources from Reuters, but it did not mention if the potential valuation has changed. Its rival, Baidu’s iQiyi, had a $2.42 billion IPO in March this year.
Tencent Music, the subsidiary of tech giant Tencent Holdings Ltd (HK:0700), operates music service providers QQ Music, KuGou and Kuwo, accounting for about three quarters of the country’s music streaming market.
Tencent Music plans to launch its IPO on Oct. 18, with Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) as underwriters.