Tencent Music's $1.1b IPO falls short

China’s dominant music distributor had hoped to overtake Spotify with its $1.1 billion New York IPO. But for now, Tencent Music still lags its main international rival.

Tencent Music Entertainment Group’s ambition to become the world’s most valuable music company has faltered for the time being at least. The Chinese music entertainment platform was unable to match the value of Spotify through its $1.1 billion US initial public offering.

China’s largest music distributor is officially valued at $21.3 billion after pricing its American Depositary Shares on Wednesday at $13 each. This is at the bottom of the $13 to $15 price range it had pitched to prospective investors.

Tencent Music had high hopes of trumping Spotify’s $26.6 billion valuation when it kicked off the roadshow for the listing on December 3. According to...

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