Tencent Music (TME) Prices 82M ADS IPO at $13/ADS
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Tencent Music Entertainment Group (NYSE: TME), the leading online music entertainment platform in China, today announced the pricing of its initial public offering of 82,000,000 American Depositary Shares ("ADSs"), each representing two Class A ordinary shares of the Company, at US$13 per ADS. The ADSs will begin trading on December 12, 2018 on the New York Stock Exchange under the symbol "TME". The offering is expected to close on December 14, 2018, subject to customary closing conditions.
Of the 82,000,000 ADSs being offered, 41,029,829 ADSs are offered by the Company, and 40,970,171 ADSs are offered by the selling shareholders. The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 12,300,000 additional ADSs. The total gross proceeds of the offering are expected to be approximately US$1.07 billion if the underwriters do not exercise their over-allotment option, and approximately US$1.23 billion if the underwriters choose to exercise their over-allotment option in full.
Morgan Stanley & Co. LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint bookrunners of this offering. Credit Suisse Securities (USA) LLC, China International Capital Corporation Hong Kong Securities Limited, Allen & Company LLC, BOCI Asia Limited, China Renaissance Securities (Hong Kong) Limited, HSBC Securities (USA) Inc., KeyBanc Capital Markets Inc., and Stifel, Nicolaus & Company, Incorporated are acting as co-managers.
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Create E-mail Alert Related CategoriesEquity Offerings, Hot IPOs, IPOs
Related EntitiesCredit Suisse, Stifel, Deutsche Bank, JPMorgan, Goldman Sachs, KeyBanc, Morgan Stanley, HSBC, IPO
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