Will Chinese streaming giant Tencent Music go public this year? Perhaps not. The company delayed its planned IPO from October, but as Reuters reports, the intention was still to float in November.
“Now, the last mega US IPO of the year faces a still-weak mood towards tech stocks and ongoing market jitters ahead of next week’s G20 meeting in Buenos Aires,” claims its article. “Indeed, TME and its advisers have discussed pushing the deal into early 2019, according to two sources involved. No decision has yet been made by the company, they added.
” Tencent Music had originally been hoping to raise up to $2bn in the IPO at a reported valuation of $30bn. The stock-market performance of Spotify in recent weeks – this morning its market cap was $23.5bn, down from $26.5bn on 3 April as it went public – is another factor that may be staying Tencent Music’s hand.