HONG KONG: China Tower Corp Ltd has raised $6.9 billion after pricing its initial public offering (IPO) at the bottom of an indicative range, four people close to the deal said on Wednesday, in the world's biggest listing in two years.The world's largest telecoms tower operator sold 43.1 billion new shares, or 25 percent of enlarged share capital, at HK$1.26 ($0.1605) each, valuing the firm at about $28 billion, the people told Reuters. The top of the range was HK$1.58.The float is widely seen as a test of Hong Kong's IPO market as investors consider several large deals at time when the benchmark Hang Seng Index down about 14 percent from its January peak.It also comes as China's economy has begun to lose growth momentum this year amid a government push to reduce debt and an escalating trade conflict with the United States.China Tower declined to comment on the pricing. The people declined to be identified as the information was not public.At $6.9 billion, China Tower's IPO will become the world's biggest listing since Postal Savings Bank of China Co Ltd's $7.63 billion float in Hong Kong 2016.China Tower operated 1.9 million tower sites and had 2.8 million tenants at June-end. It plans to use 60 percent of the IPO proceeds to build towers and update existing ones, as it accelerates fifth-generation (5G) network construction. Its three telecoms shareholders contributed almost all its revenue last year.China Tower's shares will start trading on Aug. 8.China International Capital Corp (CICC) and Goldman Sachs Group Inc are joint sponsors for the IPO.

Source: thestar August 01, 2018 07:05 UTC