Tao Sang Tong, center, Chairman of Tencent Music Entertainment, and Co-President Guomin Xie, right, strike the bell at the New York Stock Exchange to mark the Chinese company's IPO, Wednesday, Dec. 12, 2018. (AP Photo/Mark Lennihan)

Tencent Music shares rise on first trading day

December 12, 2018 - 11:03 am

NEW YORK (AP) — Shares in Chinese streaming music giant Tencent Music Entertainment are up 8 percent to $14.11 on their first day of trading.

The company's initial public offering of 82 million shares was priced at $13 a share and 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.