Tencent Music and Entertainment has appointed Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch to lead a highly anticipated initial public offering that bankers expect will value the Chinese streaming group in excess of $30bn, according to two people close to the matter.
TME is being spun out of Tencent, the Chinese social media group, which created the music unit by acquiring and rolling up a number of competitors. Last year, it arranged a stake swap with Spotify, giving Tencent and TME a 7.5 per cent holding in its New York-listed peer.
The company is aiming to list in New York, having spurned Hong Kong as the stock exchange’s recent acceptance of dual-class shares applied only to founders, not institutions.
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