Tencent Holdings Limited, the parent company of China’s largest music-streaming service Tencent Music, is preparing for an initial public offering.
In the wake of Spotify’s public introduction earlier this month, Tencent’s IPO may be one of the largest technology IPOs in recent history.
The digital music giant was valued at US$12.5bn after a share swap with Spotify in December 2017. The Swedish streaming company bought a 9% stake in Tencent.
However, the company may now be worth as much as US$25bn, according to a report by the Wall Street Journal.
The Shenzhen-based company will be interviewing underwriters in the coming months. Its IPO is expected by the end of 2018.