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Tencent Music [TME] Ends First Trading Day Up 7.7%

Tencent musicAfter opening at $14.10, Tencent Music ended its first day of trading Wednesday up $1.00 at $14.00 or 7.69% above it's $13.00 target IPO asking price. At one point in the day, the stock was trading at $14.75. 60,190,565 shares of TME traded hands on Wednesday.

The full Tencent offering is 82 million shares, with half offered by the company and half from existing shareholders.

Tencent was valued at $30 billion in the Fall of this year, but today's stock debut comes with a reduced $12.3 billion valuation. TME had been valued at $12 billion at the time of Spotify’s $31B listing in Q1 of this year.

MORE: Tencent Music IPO's At Reduced $12.3B Valuation