As the trends of going public is continuing even in 2019, we can’t miss on looking back on all successful and long anticipated IPOs that went public in 2018. Tencent Music, a prominent internet giant from China had been anticipated as “a screaming buy” and a public offering that could compete another entertainment sector magnum, Spotify.

Starting from filing for their IPO back in October 2017, the company went public in 2018, joining the IPO craze that somewhat marked the year of 2018, while many companies are waiting to join the growing list of publicly traded companies even in 2019, with Lyft being one of the first IPOs to hit the market.

Tencent Music, which is actually a spinoff company of Chinese Tencent, shared a promising report that showcased healthy revenue growth as well as solid general growth rate, which made Tencent one of the favorite IPO upcomers.

However, as the second quarter of 2019 is beginning Tencent shares are going down by -9% despite the recent reports of the company that partially met investors’ expectations.

IPOs of 2018: How is Tencent (TME) Doing in 2019?

Tencent started its IPO offer between the price of 13$ and 15$ going for a lower and more affordable offer than Spotify while the IPO went live in mid-December 2018.

The value of Tencent public offering was set at 21.3 billion, however, the IPO raised 1.1 billion dollars with their initial offer.

Tencent is said to be one of the biggest music services in the world, while the company provided a solid report for 2018, stating that the company scored 2.7 billion dollars in market capitalization.

Despite solid reports, the company’s shares went down by -9%. Still, Tencent Music is recording around 644 million monthly active users with 96 million paying users, which is by far the highest number in the industry of music services.