Let's call this one "Disaster averted." Tencent Music. the China-based streaming app, priced its IPO at the NYSE at $13, the low end of the range, opened on Wednesday at $14.10 and pretty much stayed there all day, closing at $14.
The big story is that the deal got done at all. It was supposed to come in October, but the company postponed it, citing the global market selloff at that time. Those weak market conditions have continued, along with some signs China is slowing, but this time the company decided to go ahead with the deal regardless.
Last week's IPO action didn't help alleviate the jitters. Moderna, one of the largest biotech IPOs ever, backed by a promising new technology, priced at $23 last week and promptly nosedived to around $18. Though it is in a different space, traders were nervous the market volatility would adversely affect Tencent.