China Tower debuted on the Hong Kong stock exchange on Wednesday with an initial public offering (IPO) worth up to 53.4 billion Hong Kong dollars (around 6.9 billion U.S. dollars), reports Beijing Morning Post.
The world's largest mobile telecommunications tower operator priced its shares at 1.26 Hong Kong dollars, at the bottom of its indicative range. It has been 2018's biggest IPO, surpassing the IPO of smartphone maker Xiaomi, which raised 24 billion Hong Kong dollars in early July.
Despite being this year's largest IPO, subscriptions to the China Tower IPO has been relatively lackluster compared to the interest of investors in the Xiaomi offering.
Beijing-based China Tower was formed in 2014 from the tower operations of China's three largest telecoms providers: China Mobile, China Telecom, and China Unicom. The company operates 1.9 million tower sites, and its revenue in 2017 reached 68.7 billion yuan (around 10 billion U.S. dollars), according to its prospectus.
