China Tower has invited investment banks to apply for participation in the IPO in Hong Kong worth up to $10 billion, IFR reported on Monday.
The company which runs the infrastructure for China’s three mobile operators, China Unicom, China Mobile and China Telecom, was established in October 2015 to save on infrastructure investment and cut management costs for their mobile phone towers.
According to Reuters, the initial public offering will be held in late 2017 or early 2018 and is expected to raise between $5 billion and $10 billion if it floots 10-20 percent stake.
Mobileworldlive reported that the State-run firm which now owns about 1.6 million towers across the country, lost CNY1.3 billion ($195 million) in Q2 on revenue of CNY13.2 billion.
