China Telecom begins pre-marketing

The fixed line incumbent acknowledges difficult markets by offering investors a compelling valuation.

Pre-marketing begins today Monday for China Telecom's 16.7 billion share Hong Kong and New York Stock Exchange listing under the lead of CICC, Merrill Lynch and Morgan Stanley.

The three bookrunners have gone out with a very wide range of $3 billion to $4 billion ahead of formal roadshows starting October 7. Most market observers, nevertheless, expect the deal to come in towards the bottom end of the range given that non-lead syndicate members have internally assigned pre-IPO DCF...

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