Tencent Music Entertainment Group (TME) has filed their IPO with the Securities and Exchange Commission in the United States. TME listed a placeholder registration for $1bn and applied to list on the New York Stock Exchange and NASDAQ Global Market (not selected one yet).
Tencent Music is looking to raise $2bn (with a ticket of TME).
The F-1 reveals some financials about Tencent Music: it shows that in the six months ended June 30 this year, TME’s revenues grew to 8.62bn yuan (US $1.3bn) compared to 4.49bn yuan in the same period of 2017.
Gross profit in H1 2018 jumped to 3.48bn yuan ($526m) versus the prior-year period’s 1.38bn yuan – a 151.7% year-on-year rise.
Tencent owns 58.1% in TME, while Spotify owns 9.1% thanks to a ‘stock swap’ which took place at the close of last year between the two streaming companies.