Tencent Music Entertainment launched its hotly anticipated US initial public offering of up to $1.2 billion on Monday after global stock markets were boosted by a truce brokered by US and Chinese leaders in their trade conflict.

The music arm of tech giant Tencent Holdings is looking to raise between $1.07 billion and $1.23 billion in a New York Stock Exchange IPO, according to a filing with the Securities and Exchange Commission.

The company originally planned to launch its offering in mid-October, Reuters previously reported.

But it then decided to delay the IPO over worries the steep global stock market sell-off in the past few months would affect the pricing.

The decision by China and the US to call a 90-day hiatus on their trade war over the weekend sent Asian shares soaring on Monday as markets breathed a sign of relief that tensions would ease, at least temporarily.

The music streaming giant is selling 82 million American Depositary Receipts (ADRs) in a range of between $13 and $15 each, according to the filing.

Tencent Music could sell an additional 12.3 million shares if an over-allotment option is exercised.

The $1.23 billion figure is smaller than the $2 billion that was earlier mooted as a fundraising target, though the company never confirmed such a number.

A source close to the deal said Tencent Music was keen to get itself listed this year because it was worried US-China trade tensions would worsen, not because it desperately needed fresh money.

“It’s not worth waiting any longer for a potentially higher valuation if they have to deal with so many uncertainties,” said the source.

At $1.23 billion, the IPO would still be one of the largest by a Chinese company in the US this year, behind the $2.4 billion raised by video streaming company iQiyi in March and the $1.6 billion garnered by online group discounter Pinduoduo in July.