Tencent Music Entertainment Group popped in its debut on the public markets Wednesday, closing the day up 9.2 percent at $14.19 per share.
The music arm of Chinese tech giant Tencent said Tuesday it raised close to $1.1 billion after pricing its shares at $13 a piece, at the bottom of its stated range of $13 to $15. That initial sale gives the company an implied valuation of $21.3 billion.
The highly anticipated initial public offering is one of the largest U.S. IPOs by a Chinese company since Alibaba raised over $20 billion in 2014, and comes amid heightened tensions between the Chinese and U.S. governments.
Tencent Music initially planned to launch the deal in October, but postponed because of a sell-off in global markets roiled by a U.S.-China trade war and fears of slowing global growth.