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

After 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. Continue reading [https://www.hypebot.com/hypebot/2018/12/tencent-music-tme-ipo-closes-day-77-above-asking-price.html]

,   and  Bruce Houghton
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

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