Memphis Daily News Chandler Reports Nashville Ledger
» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 42 | NO. 49 | Friday, December 7, 2018

Tencent Music shares rise on first trading day

Print | Front Page | Email this story

NEW YORK (AP) — Shares in Chinese streaming music giant Tencent Music Entertainment rose nearly 8 percent to $14 on Thursday, their first day of trade.

The company's initial public offering of 82 million shares, which was priced at $13 a share, is expected to raise between $1.07 billion and $1.23 billion. The stock is listed on the New York Stock Exchange under the "TME" symbol.

A little more than half of the shares are being offered by the company, with the remainder being offered by shareholders.

Tencent said earlier this year it had more than 800 million users, including 23.3 million subscribers to its music library.

Tencent, whose shareholders include the leading music streaming service Spotify, earned $199 million on revenue of $1.66 billion last year.

Spotify went public in April.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0