China Tower Concludes $6.9 Billion IPO, the Largest in Two Years
The world’s biggest telecommunications tower operator, China Tower, has reportedly raised $6.9 billion in what is the world’s largest initial public offering (IPO) in the past two years, according to several sources as cited by Reuters.
Having sold more than 43 billion new shares at a minimum HK$1.26 per share, the Hong Kong-based IPO has given China Tower a valuation of approximately $28 billion.
The financing involved makes China Tower's IPO the world's largest since the float of Postal Savings Bank of China in Hong Kong during 2016.
The firm will be looking to use the investment to both enhance its existing towers, whilst creating new state-of-the-art models as it continues to accelerate the development of its 5G network infrastructure.
The Company currently operates more than 1.9 million tower sites for 2.8 million tenants according to statistics from June.