China Telecom rolls on with IPO

The fixed line operator is preparing to submit its F1 filing to the US SEC within the next two days as it embarks on its long-awaited IPO.

China's dominant fixed line player is being primed to list on the Hong Kong and New York stock exchanges during the final week of October under a provisional timetable, which will see the analysts meeting convened in late August and pre-marketing begin towards the end of September. The first step in this process will take place before the end of the week when the company submits its initial filing for an NYSE listing with the SEC.

However, as a result of declining telecom valuations and the current state of global equity markets, the company is now said to be targeting IPO proceeds of $3 billion to $3.5 billion through a sale of 25% of...

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