NEW YORK (CelebrityAccess) — Tencent Music Entertainment Group has revived its plan for an initial public offering, after putting the plan on hiatus earlier this year due to market concerns.
In a regulatory filing, the Chinese music streaming service said it expects its American Depository Shares go to public at between $13 and $15 dollars, with a total initial offering 41 million ADSs, according to its filing.
The company plans to offer an additional 41 million ADs for which the company will not receive proceeds, with a total expected from the IPO of about $544 million before paying costs related to the offering.
According to Tencent Music, their corporate parent and largest shareholder Tencent Holdings has expressed an interest in buying as much as $32 million worth of its stock.
As reported by the Wall Street Journal, Tencent had initially officially announced plans for a public offering in October, but then backed away from the plan over concerns about a broad selloff in the market.
Tencent recently reported more than 800 million unique monthly active users but will face challenges gaining traction in North America due to the presence of established streaming services such as Apple Music, Spotify an Amazon.