Two major telecom operators, Ufone and Zong, have deposited $15 million each in mandatory pre-bid earnest money with the Pakistan Telecommunication Authority ahead of the country’s 5G spectrum auction scheduled for March 10, according to industry sources.

The combined $30 million was submitted before the Feb. 27 deadline for earnest money payments, the sources said.

With three days remaining before the cutoff, another major operator, Jazz, is also expected to deposit the required amount, as it is unlikely to miss what is being described as Pakistan’s most anticipated spectrum sale.

Under the PTA’s information memorandum, each prospective bidder must submit $15 million as earnest money to qualify for the auction process. The amount will be adjusted against the final license fee for successful bidders.

The government is targeting proceeds of more than $634 million from the auction of 597 megahertz of spectrum, depending on competition and final price discovery during bidding.

The regulator has said the auction will be deemed successful if at least 50% of the total spectrum on offer — about 300 MHz — is sold.

Officials indicated that participation by at least three operators would effectively ensure that roughly 300 MHz is sold, meeting the minimum success threshold.

PTA officials have said that the involvement of at least three cellular mobile operators would help ensure competitive bidding and bolster investor confidence in the country’s digital roadmap.

The March 10 auction is being closely watched by policymakers, investors and industry stakeholders, as it is expected to lay the groundwork for next-generation mobile services, including ultra-high-speed broadband, low-latency applications and enterprise solutions.

With Ufone and Zong having secured their spots and Jazz expected to follow, the competitive landscape for Pakistan’s 5G rollout is taking shape, marking a potentially pivotal moment for the country’s telecommunications and digital economy.