It sold 43.1 billion shares after pricing its IPO at the low end.
Bloomberg reports that Chinese wireless infrastructure tower China Tower has raised US$6.9b in another disappointing share sale priced at the low end of a marketed range.
The company, which is responsible for the construction, maintenance and operations of telecommunications towers and infrastructure across China, sold a total of 43.1 billion shares at $1.26 apiece but the shares were earlier marketed at $1.26 to $1.58 each, according to an earlier exchange filing.
Earlier reports claim that China Tower was said to be aiming to raise up to $8.8b in its float.
“The market continues to be very volatile,” Hao Hong, head of research at Bocom International Holdings Co. in Hong Kong told Bloomberg. “Because of the unpredictability of Mr. Trump, people are finding it very difficult to figure out which sectors have been priced in and by how much.”
Here’s more from Bloomberg:
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