Chinese tech titan Tencent raised more than a billion dollars in an IPO for its music streaming platform.
Tencent Music is China's biggest online music service with more than 800 million active monthly users.
The shares were priced at 13 dollars each, that's on the low end of expectations.
The listing put the firm's value at more than 21 billion dollars.
Less than the Tencent spin-off were aiming for, but still a figure that makes the listing one of the biggest since Alibaba's massive IPO in 2014.
The company starts trading on the New York Stock Exchange Wendesday (December 12).
And as Reuters' Julia Fioretti explains, coming in low isn't neccessarily a bad signal.
(SOUNDBITE) (English) JULIA FIORETTI, REUTERS MARKETS CORRESPONDENT, SAYING: "Tencent is China's spotify, and it's the country's largest online music streaming app.
It's not necessarily a bad sign that it came in at the bottom of its price range.
One needent read too much into a single deal when the markets are so volatile and markets are very choppy.
And so many companies have had to cut back their fundraising targets and their valuation targets.
So it's definitely a sign that Tencent Music has been affected by the volatility, and it might have been a sign that they were trying to get more long-only investors that wanted a cheaper price." The listing's the fourth largest by a Chinese company in the U.S. this year.
Tencent Music initially planned the IPO for October.
But after a sell-off on global markets the launch was postponed for two months.
(SOUNDBITE) (English) JULIA FIORETTI, REUTERS MARKETS CORRESPONDENT, SAYING: "Tencent Music's IPO also shows that the timing was difficult, they were going to launch in October, they then postponed that after the sharp market selloff, so it's become very hard to catch that market window when markets are up and down so much.
And it does mean that it's now a buyer's market so investors can demand lower prices.
And issuers, if they want to get a deal done, they'll just have to cut the deal size." While Tencent Music's frequently compared to Spotify,it boasts a number of social-focused apps, including one for karaoke.
And those have helped make Tencent Music profitable, here Spotify is not.