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PTT PCL: Oil and Retail Unit Plans to Raise Up to $1.80 Billion in IPO

01/14/2021 | 03:39am
   Ben Otto 
 

A unit of Thai oil giant PTT PCL will seek to raise up 54 billion Thai baht (US$1.80 billion) in an initial public offering, according to pricing guidance announced Thursday.

State-owned PTT PCL said in a stock-exchange filing that PTT Oil and Retail Business PCL has set a preliminary price range of THB16-THB18 baht per share in the offering. The company plans to sell up to 3 billion shares.

Final pricing for the IPO will be determined by Feb. 3, PTT PCL added.

Kasikorn Securites is among advisers on the offering.

PTT Oil and Retail sells and distributes petroleum products and operates retail businesses including convenience stores. The unit was spun off from PTT PCL in 2018 as part of the IPO plan.

Thailand's IPO market was one the most active in Southeast Asia last year, with companies raising more than $4 billion. Central Retail Corp. raised as much as $2.5 billion through an IPO, making it Thailand's largest stock listing on record. A packaging unit of Siam Cement raised $1.27 billion in an offering that hit the market in September.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

01-14-21 0338ET

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