Tencent Music raises $1.1 billion in downsized US IPO

techcrunch.com

It priced its shares at the bottom of its expected range, It closed Friday up $0.25 with a market cap of around $21 billion. Span out of Tencent, it owns a range of music services and claims to be China's top streaming service. While its revenue is around half of that of Spotify, it is a profitable business and makes a lot of money from virtual gifts and member services not just streaming subscriptions.

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