China’s largest music streaming company, Tencent Music Entertainment Group, is poised to create an initial public offering (IPO) and is negotiating with several banks for underwriting.

The Wall Street Journal reported that the successful debut of Spotify Technology SA is the motivator for Tencent. If all goes as planned, the IPO would bow in the second half of 2018 and is anticipated to be one of the largest of the year. The IPO would likely be listed in the US, but no decision has been finalized.

The IPO market has languished in the last year, driven in part by the rise of the initial coin offering (ICO), a way for companies to raise money without surrendering equity. However, as regulators have taken a sterner approach with the largely unregulated ICO offerings, IPOs have come back into favor.

The WSJ story said the Tencent Music offering could value the busines as high as $25 billion, which was its estimated value in recent private transactions. That price reflects a sharp rise in value from the $12.5 billion estimates when Swedish music streamer Spotify bought a nine percent stake in it as part of a 2017 share swap.

If the IPO reached that lofty valuation, it would become the fourth-largest US-listed tech IPO on record, the WSJ claimed.

The Tencent Music streaming deal is creating a buzz because of its connection to Tencent Holdings, one of China’s biggest companies. Tencent Holdings has a stake of more than 50 percent in Tencent Music, which has 700 million monthly active users through its QQ Music platform and other mobile apps.

Tencent Music was created in mid-2016 after Tencent Holdings bought a controlling stake in China Music Corp. and combined it with Tencent’s existing streaming business.