PTT retail arm eyes up to B54bn in IPO

PTT Plc, the country’s largest oil-and-gas company, has priced an initial public offering (IPO) of shares in retail unit PTT Oil and Retail (PTTOR) to raise up to 54 billion baht, it said on Thursday ahead of what is expected to be among the country’s largest listings this year.

The long-planned IPO follows a string of large Thai listings last year, with Central Retail Corporation Plc and SCG Packaging Plc each raising over 30 billion baht.

The Stock Exchange of Thailand plans to add 500 billion baht to its market capitalisation in 2021.

PTT set a preliminary price range for PTTOR shares between 16 baht and 18 baht, which would raise between 43.2 billion baht and 54 billion baht.

PTTOR has placing agreements with 28 cornerstone investors, including SCB Asset Management, BBL Asset…