Tencent Music Entertainment, which was an answer to Spotify by China is having a hard time with its estimated mega IPO of $2 billion.

The music giant has around 800 million users per month. It has been planned for an October launch for an initial public offering in U.S. worth $2 billion. However, it decided to delay it until November and wait for the market to settle.

At present, the last mega US initial public offering is still weak towards stock of high tech companies and the market is in jitters. This is the market’s situation before G20 meeting which is organized in Buenos Aires next week.

TME is planning to push the deal into next year, but the company hasn’t come to a conclusion regarding it yet. One of the person involved said,

Of course they want to get the deal done within the year, but meanwhile, they don’t want to rush for the listing. What they care about a lot is (getting) the right valuation, rather than the fast pace of the listing.

As per the sources, the company really cares about the significance of valuation and will continue monitoring the market situation. However, no statement has been issued and the deliberations are not made public yet.

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Launching huge New York IPOs is not a good idea in the month of December in the present market conditions. Tokyo and Hong Kong are often busy during this time of the year, while New York slows down around this time of the year. The Tokyo IPO of $21 billion of SoftBank’s Japanese telecom business is yet to debut in the month of December.

US markets have hosted only three IPOs worth $1 billion in the past decade. The big investors are waiting for next year as they are weary of this year’s return.

Source: Reuters, Newspaper 24