Tencent Music Entertainment Group, the music streaming segment of Chinese tech company Tencent Holdings Ltd. (TCEHY) , has filed papers to raise between $1.07 billion and $1.23 billion through an initial public offering on the New York Stock Exchange.
The company plans to list under the symbol TME and is reportedly aiming for a valuation between $29 billion and $31 billion.
The company delayed the IPO earlier this year due to the selloff in global markets, according to a report from The Wall Street Journal.
Some of those market fears may have been alleviated after the U.S. and China decided to call a 90-day timeout on their trade war, which sent Asian markets soaring Monday and propped up U.S. stock futures ahead of the opening bell.
The company will sell 82 million American depositary receipts in a range between $13 and $15 each.
Tencent Music boasted 800 million total unique monthly active users in the third quarter with the average user spending over 70 minutes a day on the company's platform. The company reported revenue of about $2 billion through the first three quarters of the year.