Telstra Corporation Ltd (ASX: TLS) is a telecommunications giant on the ASX. But could it be in for some competition?
The Telstra share price is up 0.64% in mid-afternoon trade, currently trading at $3.91. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 1.95% higher.
So which major telco could be considering joining the ASX?
Optus considers joining the ASX
Telstra's number one competitor for wireless services in Australia could be considering joining the ASX.
The owner of Optus, Singtel, has been working towards an initial public offering (IPO) of its well-known Australian subsidiary, The Australian reports.
Singapore Telecommunications Limited, Singtel, wholly owns Optus and is a telecommunications giant headquartered in Singapore.
The publication reported Goldman Sachs and Morgan Stanley have recently been working on the plan.
However, with the market so volatile at this time, the "pause button" may have been put on the listing, the publication said.
Telstra has a market capitalisation of around $45 billion based on the current share price. Other telecommunications shares with smaller market caps on the ASX include TPG Telecom Ltd (ASX: TPG), Spark New Zealand Ltd (ASX: SPK) and Uniti Group Ltd (ASX: UWL).
Optus delivered revenue of more than $7.8 billion for the full year ended 31 March 2022.
Earlier this year, Optus appointed former New South Wales Premier Gladys Berejiklian to the executive team. At the time, Macquarie Telecom Group Ltd (ASX: MAQ) executive Luke Clifton said Telstra "would be quaking in their boots".
Telstra share price snapshot
The Telstra share price has jumped nearly 9% in the past 12 months, but it has lost 6.5% year to date. Those figures would be different if not for the nearly 3% Telstra shares have clawed back in the last week.
For perspective, the benchmark ASX index has slid nearly 10% year to date and 8% in the past year.
