China Tower has priced its initial public offering of shares at the low end of the indicated range, at HKD 1.26 per share, people familiar with the matter told the Wall Street Journal. The company, which calls itself the world’s largest telecommunications tower company by revenue, raised in total USD 6.9 billion at a market capitalization of USD 27.7 billion.
The pricing comes weeks after Chinese smartphone maker Xiaomi priced a USD 5.4 billion IPO, also at the low end of its range. China Tower’s IPO is still the world’s biggest since Postal Savings Bank of China raised USD 7.6 billion in 2016 in Hong Kong.
Shares in the company, whose largest stockholders are China’s three main telecoms operators, are due to begin trading on 08 August. China Tower will use the proceeds to upgrade and expand its network, as well as repay debt.
