China Tower Con­cludes $6.9 Bil­lion IPO, the Largest in Two Years

Asia Outlook - - News -

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.

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