PTT PCL Unit Starts Taking Orders for $1.57 Billion Thailand IPO

   By P.R. Venkat 
 

Thai oil giant PTT PCL’s fuel retail stations unit has started taking orders from investors for its 47 billion baht ($1.57 billion) initial public offering in Thailand, according to a term sheet seen by The Wall Street Journal.

PTT Oil and Retail Business Public Co., which is selling up to 3 billion shares, has already secured commitments from foreign and domestic investors to subscribe to a portion of the shares ahead of the IPO.

Singapore sovereign wealth fund GIC Pte. and JPMorgan Asset Management Krungthai Asset Management Public Co. are among the 28 cornerstone investors who have agreed to buy the shares of the retailer, the term sheet shows.

Shares are expected to be priced on Feb. 2 and the stock listed on the Thailand stock exchange from Feb. 11.

The company is marketing the shares at THB16-THB18 each. Proceeds from the IPO will be…