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Hong Kong gears up for another $10 billion IPO with planed China Tower flotation

Reuters  |  HONG KONG 

By and Julie Zhu

HONG KONG (Reuters) - Tower, the world's biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city's second $10 billion offering this year.

The company, formed in 2014 with the merging of the towers operations of China's three state-backed telecoms providers, filed its application for an initial public offering (IPO) on Monday.

The application comes a little more than a week after Chinese maker filed for an IPO that could also raise as much as $10 billion.

It would be the first time the city has hosted two mega-flotations since 2010, when insurer AIA and raised $20 billion and $22 billion respectively, data shows.

Tower is expected to seek a valuation of up to $40 billion, according to sources with knowledge of the plans.

(Reporting by and Julie in Hong Kong and Fiona Lau of IFR; Editing by David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 17:41 IST