Tencent Music Entertainment and existing investors raised about $US1.1 billion ($1.5 billion) after pricing a US initial public offering at the bottom of a marketed range, succumbing to the same global market turbulence that's sapped enthusiasm for stock debuts.
China's largest music-streaming service, which is backed by Tencent Holdings, and current holders sold 82 million American depositary shares at $US13 apiece, according to a statement. The shares were offered at $US13 to $US15 each. Tencent Music opted to price lower after initially guiding fund managers that orders were coming in around the midpoint of the marketed range.
