Tencent aims to hit the right note with IPO

The music arm of Tencent Holdings Ltd pressed the play button on its long-anticipated initial public offering in New York on Monday, two months after halting the plan amid hopes of a recovery of global market conditions.

According to updated filings with the United States Securities and Exchange Commission, Tencent Music Entertainment Group said it seeks to raise between $1.07 billion and $1.23 billion in a New York Stock Exchange listing by year-end.

According to the prospectus, the music streaming firm is selling a total of 82 million American depositary shares in the fundraising at an estimated price between $13 and $15.