Kuke Music hopes to be third-time lucky with its New York initial public offering after two attempts failed in Hong Kong
- Beijing-based classical music streaming service Kuke Music seeks US$50 million IPO on New York Stock Exchange, filing shows
- With customers such as Tencent Music, Kuke Music’s US listing application comes after previous attempts to list in HK
Kuke Music Holding, a streaming service for classical music, filed for an initial public offering on the New York Stock Exchange after its previous attempts to raise capital failed on the main board of the Hong Kong stock exchange.
The Beijing-based company is seeking to raise an estimated US$50 million, according to its preliminary regulatory filing, with the price range of its American depositary shares redacted. It is seeking to trade under the symbol “KUKE”.
Deutsche Bank, Tiger Brokers and AMTD are listed as the underwriters for the deal. These banks were either not immediately available for comment or did not respond to enquiries from the Post.
Kuke Music claims to be China’s largest classical music licensing service provider with about 47 per cent market share in terms of revenue in 2019. It boasts a library of 1.8 million music tracks and over 740 institutional clients, including universities, music conservatories and public libraries, according to its preliminary filed to the US security regulator.