NEW YORK -- Chinese internet group Tencent Holdings' streaming music division ended its first day of trading on the New York Stock Exchange at $14.19 a share on Wednesday, topping its initial public offering price by more than 9%.
Tencent Music Entertainment Group touched a market capitalization of $23 billion -- about even with NYSE-listed streaming platform Spotify Technology.
Shares opened at $14.10 and climbed as high as $14.75.
Tencent Music's listing of American depositary receipts raised about $1.1 billion.
Tencent and underwriters had initially forecast a valuation of $25 billion to $30 billion, according to media reports. But shares priced at the low end of the $13 to $15 range indicated for the offering, which came amid turbulence in a stock market gripped by developments in the U.S.-China trade war.
Tencent Music's January-September sales soared 84% on the year to $1.97 billion, with net profit roughly tripling to $390 million. The company offers four popular music apps in China, including QQ Music, serving more than 800 million users each month.
The music division draws on parent Tencent's WeChat messaging app with about 1 billion monthly users.