(Yicai Global) Dec. 4 -- Tencent Music Entertainment, the streaming unit under Chinese tech titan Tencent Holdings, hopes to raise USD1.2 billion in an initial public offering on the New York Stock Exchange next week.

The Shenzhen-based firm expects to receive between USD13 and USD15 a share, it said in an updated prospectus filed yesterday with the United States Securities and Exchange Commission. It plans to issue 82 million American depositary shares at a valuation of between USD21.3 billion and USD24.5 billion.

The IPO date is set for Dec. 12, state-backed news site The Paper cited a person close to the company as saying.

Tencent Music owns three free streaming apps: QQ Music, Kugou and Kuwo, and an online karaoke application Wesing. Tencent Holdings is its largest shareholder with 59 percent of equity. Other major owners include Pacific Alliance Group, which has 9.6 percent, and American music service provider Spotify, which has an 8.9 percent stake. Tencent Music in turn holds 2.5 percent of Spotify.

The firm has been delyaing its IPO due to the recent downturn in global stock markets. It originally planned to go public on Oct. 22 but pushed back after a worldwide sell off, according to the Wall Street Journal.

Its latest prospectus also adds in data outlining its third-quarter performance. Revenue leapt 83.7 percent on the year to CNY13.6 billion (USD2 billion) while net profit was almost three and a half times larger at CNY2.7 billion (USD395 million), according to the filing.

As Tencent Holdings is already listed in Hong Kong, it requested permission from the bourse to split its streaming business in July this year and got the green light. Tencent Music submitted its application to the US SEC in October but did not choose whether it would list on the NYSE or the Nasdaq or fix a price range.

Editor: James Boynton