Tencent Music Entertainment preparing for IPO.
Tencent Music Entertainment, China’s most popular music streaming service, is preparing for an IPO. It is said that Tencent Holdings, who is in charge of Tencent Music Entertainment, will launch their IPO around the second half of this year. They will be holding interviews with potential underwriters the next couple of months.
After Spotify went public on April 3rd, their value went up by over 50%. During that incredible day, SPOT shares went down for most of it only to recover rather quickly that same week. Spotify’s value went up over $29 billion.
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Tencent Music Entertainment, who compete against Spotify, hope to garner up a $25 billion valuation based on Spotify’s number. This news could make investors buy Tencent stock. Shares of Tencent have stagnated this year, from last year’s ascension of over 50%. While Tencent stock is not cheap, by any means, the IPO might just be the break investors were looking for.