Tencent Music, a subsidiary of China's most valuable company Tencent Holdings Ltd. (TCEHY) , raised $1.1 billion in a U.S. initial public offering, pricing its shares at $13 a piece ahead of Wednesday's debut on the New York Stock Exchange.
The stock jumped nearly 11% when it opened for trading Wednesday.
The pricing was at the bottom end of its previously announced $13 to $15 range, indicating that the company continues to worry about the current market environment amid a trade war between the U.S. and China.
The company delayed the IPO earlier this year due to the selloff in global markets, according to a report from The Wall Street Journal.
The music streaming company, which plans to list under the symbol (TME) , is aiming for a valuation between $29 billion and $31 billion.
Tencent Music boasted 800 million total unique monthly active users in the third quarter with the average user spending more than 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.