Tencent Music Entertainment Group is set to raise $1.07 billion in a New York Stock Exchange (NYSE) listing.

The news comes after its IPO was priced at $13, at the low end of its $13-to-$15 per-share range. The company is the music arm of Tencent Holdings Ltd.

Tencent Music, the largest online music entertainment platform in China, is selling a total of 82 million American depositary shares (ADS) in the fundraising, according to a prospectus published on December 3.

Each ADS represents two Class A ordinary shares of the company.

The funds raised will be used primarily to expand and enhance Tencent Music's content offerings, service development, selling and marketing, potential strategic investments, as well as other general purposes, said the company.

During the first three quarters of this year, the company reported revenues of 13.59 billion yuan and net profits of 2.71 billion yuan, compared with 10.98 billion yuan and 1.32 billion yuan respectively last year.

By the end of September, Tencent Music reported 24.9 million online music service users, 3.8 percent of those paying users. The company further reported 9.9 million social entertainment service users, with 4.4 percent of those paying.

Tencent Music owns streaming apps QQ Music, Kugou, Kuwo and karaoke app WeSing, with over 800 million total monthly active users in the third quarter of 2018. The average time spent on these platforms per day, per user reached over 70 minutes, Tencent Music said.

Tencent Music will begin trading on NYSE on Wednesday under TME. Bank of America, Deutsche Bank, Goldman Sachs, JPMorgan and Morgan Stanley are leading the deal.