Tencent Music Entertainment Group is planning to issue 82 million American Depositary Shares on the New York Stock Exchange, raising no more than US$1.23 billion with a share price of US$13 to $15 per ADS, The Paper reported.

An insider close to TME revealed to the newspaper that the company will be officially listed on December 12.

According to the prospectus the company submitted to the US Securities and Exchange Commission, there will be 3.271 billion shares after the issuance.

Each ADS represents two shares. Based on this calculation, TME’s valuation is between US$21.3 to $24.5 billion.

Tencent is the largest shareholder of TME, with a shareholder ratio of 59.0%. Pacific Investment Group holds 9.6%, American online music service provider Spotify holds 8.9.% and CIC China Finance Fund Management Co. Ltd. holds 7.1%.

TME also holds 2.5% shares of its competitor Spotify.