Business & Investment

PTT oil surge at Bangkok debut after Bloomberg’s $ 1.57 billion IPO

© Reuters. PTT oil surge at Bangkok debut after $ 1.57 billion IPO

(Bloomberg)-PTT Oil & Retail Business Pcl, the retail arm of Thailand’s largest energy company, hastened its trading debut after raising about $ 1.57 billion in the country’s largest initial public offering in almost a year.

As of 10:04 am in Bangkok, the stock price rose 50% to 27 baht before trading at 24.10 baht. The company has released 2.61 billion shares for 18 baht. This is the upper limit of the market price range. The company also has 390 million shares of so-called green shoe options.

PTT Oil becomes the third mega tie IPO last year, following a record $ 2.5 billion sale by Central Retail Corp. in February last year and a $ 1.3 billion IPO of SCG Packaging (NYSE :) Pcl in October. Become. According to the company’s statement, PTT Oil’s IPO has received more than 500,000 subscriptions from individual investors. This is the highest number of reservations ever made by investors.

Equity offerings have become very popular these days and many companies have made their debut. While ultra-low interest rates and expectations of further stimulus have sparked a stock rebound and boosted demand for stock sales, some have warned the bubbling market.

The Stock Exchange of Thailand’s daily trading volume has averaged around THB 94 billion ($ 3.14 billion) so far this year, boosted by new retail investors, compared to the same period last year, according to stock exchange data. Increased by 50%.

Last week, Chinese short video app Kuaishou Technology surged 161% with its debut in Hong Kong. This is the second best IPO in history with over $ 1 billion in IPOs. About one in five financial hubs has submitted a record number of stock orders.

The abundance of cash and the coronavirus blockade has increased global retail transactions, contributing to the following volatile equity movements: GameStop Corp (NYSE :), and highly oversubscribed stock sales.

© 2021 Bloomberg LP

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PTT oil surge at Bangkok debut after Bloomberg’s $ 1.57 billion IPO PTT oil surge at Bangkok debut after Bloomberg’s $ 1.57 billion IPO

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