PCCW Raises $1.2 Billion in Hong Kong Business Trust IPO

PCCW Ltd., the biggest phone carrier in Hong Kong, raised HK$9.3 billion ($1.2 billion) in an initial public offering of its telecommunication business trust after selling units at the bottom end of a marketed range.

The company sold 2.05 billion units in HKT Trust at HK$4.53 apiece, according to a stock exchange statement today. The price implies a dividend yield of about 9 percent, people with knowledge of the matter said earlier.