Tencent Music and Entertainment (TME) has appointed Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch to lead its highly anticipated IPO, according to The Financial Times.
The much-anticipated IPO, which media reports estimate will value the TME at more than $30bn, will see the music division of digital giant Tencent list in New York.
TME is China’s largest music-streaming company and was established after merging with CMC in 2016.
It also owns minority shares in Spotify following a stake swap deal late last year. The Spotify deal is believed to be a key factor in the company’s valuation.
Chinese technology giant Xiaomi is also preparing for its $10m IPO in Hong Kong next month. The company, which is currently the fourth-largest smartphone maker, is aiming for a $70 million valuation.