Chinese internet giant Tencent’s music streaming arm raised $1.1 billion in a US IPO, giving the company a valuation of $21.3 billion.

However, the price was at the lower end of its $13 to $15 share price range and the IPO hasn’t been an easy process.

The company first filed for the IPO in October and had planned to launch the process shortly after, but held off due to adverse market conditions including an ongoing trade war between the US and China.

More recently, it has been caught up in a legal battle after Chinese investor Hanwei Guo filed a lawsuit accusing Tencent Music Entertainment’s co-president of forcing him to sell his equity stakes in Ocean Music, which eventually became part of Tencent Music Entertainment.

He wants his equity stakes back, along with compensation for economic losses.

Rival Spotify fared better when it went public earlier this year, being valued at $30 billion, but Tencent Music Entertainment was valued at $12 billion at the time and so has come a long way in a short period.

Tencent’s music business is different from Spotify, though, in that several music apps come under its umbrella including QQ music and apps for karaoke and live streaming. In total, it claims 800 million registered users, although this may include some overlap across the apps portfolio.

In December 2017, Spotify and Tencent said they will make joint equity investments in each other’s music businesses, which leaves some room for the potential of the two collaborating. Tencent has a stronghold in China and may want to leverage Spotify’s global presence.

Tencent Music Entertainment was created in mid-2016 after Tencent bought a controlling stake in China Music and combined it with its existing streaming business.