Another landmark tech IPO could be on the cards as China’s largest music-streaming company Tencent Music Entertainment Group looks to emulate the likes of Spotify on the stock market.
Sources told the Wall Street Journal that parent company Tencent will be talking to potential underwriters in the next month, with the IPO coming in the second half of this year.
The listing could value the company at over $25 billion, the sources said, making it the fourth-largest tech IPO in US history. Tencent Music has yet to confirm, however, that they will list in the US.
Tencent Music, created in 2016, has around 700 million monthly users across China and operates several popular music apps. Tech industry behemoth Tencent still retains a majority stake in the business.