China Tower readies world's biggest IPO in 4 years

China Tower Corporation CTC is set to offer stock market investors in Hong Kong a rare alternative against the recent spate of technology listings as it readies what could be the world’s largest initial public offering in four years.

Hoping to raise up to HK$68.1 billion $8.7 billion, the world’s largest telecom tower company triggered plans on Monday to sell 43.1 billion shares, or 25% of its enlarged share capital, at an indicative price range of HK$1.26 to HK1.58 per share.

As it stands, CTC will test investor sentiment for what is a typical old-economy company characterised by a heavy-asset business model, a...