China Tower secured $1.4 billion of funding commitments from 10 prospective investors, ahead of its planned big money IPO on the Hong Kong stock exchange, Reuters reported.

The company expects to achieve $8.7 billion from the listing, making it the world’s largest IPO in four years. However, the new figure is significantly lower than the closer to $10 billion reported previously.

The largest amount pledged so far was $400 million from Asia-focused investor Hillhouse Capital Group. Other “cornerstone” investors include US company Och-Ziff Capital Management and subsidiaries of Alibaba and China National Petroleum Corporation.

China Tower is expected to offer 25 per cent of its share capital, with institutional investors able to buy-in later this week, a Bloomberg report added.

The infrastructure company is the world’s largest telecom tower operator with more than 1.87 million sites. It was originally formed using assets from the country’s three mobile operators, China Mobile, China Unicom and China Telecom – which all remain major shareholders in the entity.