Tencent Music Entertainment (TME), the music streaming subsidiary of China-based technology conglomerate Tencent Holdings, has raised US$1.1 billion in its initial public offering (IPO) on the New York Stock Exchange. The company sold 82 million American Depository Shares (ADS)—including 41 million primary ADS and 41 million ADS sold by existing shareholders—at a price of US$13 per ADS in the offering. Asia-focused alternative investment manager PAG sold approximately 4.4 million ADS for an aggregate US$57 million and will retain a 9 percent stake in the company. Other TME shareholders include parent company Tencent Holdings, sovereign wealth fund China Investment Corporation, Sweden-based music streaming company Spotify and Shenzhen Capital Group, a China-focused venture capital firm. The IPO underwriters may exercise an over-allotment option to purchase up to 12.3 million additional ADS within 30 days of the offering.