China Tower eyes US$8.8b in IPO that would put Xiaomi to shame

Xiaomi only raised US$5.4b in its earlier listing.

Reuters reports that mobile phone operator China Tower is said to be planning to raise up to US$8.8b in a blockbuster Hong Kong IPO that could easily surpass Xiaomi’s earlier US$5.4b listing.

Also read: Xiaomi raises $36.88b in lacklustre debut

The company, which is responsible for the construction, maintenance and operations of telecommunications towers and infrastructure across China, is seeking a valuation of up to US$35b which represents the top end of an indicative price range.

China Tower is set to open books on July 23 and price the deal on August 1, according to sources, who added that the terms and timing of the deal could still change before books open on Monday.

Here’s more from Reuters: