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    PTT   TH0646010Z00

PTT PUBLIC COMPANY LIMITED

(PTT)
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Thailand's PTTOR aims to raise up to $1.8 billion in IPO

01/14/2021 | 04:15am EDT

BANGKOK (Reuters) - Thai oil and gas company PTT Pcl has priced an initial public offering (IPO) of shares in retail unit PTT Oil and Retail (PTTOR) to raise up to $1.8 billion, 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 Pcl and SCG Packaging Pcl each raising over $1 billion.

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. ($1.44 billion to $1.80 billion)

PTTOR has placing agreements with 28 cornerstone investors, including SCB Asset Management, BBL Asset Management and Kasikorn Asset Management, it said in a separate filing on Thursday. Foreign cornerstone investors include Singapore sovereign wealth fund GIC, Asia Research & Capital Management, and JP Morgan.

The final price will be decided by Feb. 3, state-owned PTT said in a statement. PTT will hold 75% to 77.5% of shares after the IPO. PTTOR's main business is its 2,000 gas stations, but also 3,000 coffee shops under the Cafe Amazon brand as well as other restaurants. It booked profits of 5.8 billion baht in the first nine months last year, down from 8.9 billion baht in the same period a year earlier.

The company plans to use the IPO proceeds to expand its network of gas stations and invest in distribution centres for its oil business. The subscription period will run from Jan. 24 to Feb. 2 for retail investors and Feb 3-5 for institutional investors. Domestic financial advisers are Bualuang Securities , Finansa Securities, Kasikorn Securities, Phatra Securities, TISCO Securities.

Foreign initial purchasers include JP Morgan Securities, Morgan Stanley, and Merrill Lynch (Singapore), its filing said.

($1 = 30.0100 baht)

(Reporting by Chayut Setboonsarng; Editing by Ed Davies and David Goodman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED 0.00% 34 End-of-day quote.10.57%
LONDON BRENT OIL 0.43% 79.18 Delayed Quote.49.38%
MORGAN STANLEY -0.62% 102.91 Delayed Quote.50.17%
PTT PUBLIC COMPANY LIMITED 1.27% 40 End-of-day quote.-5.88%
THAI OIL PUBLIC COMPANY LIMITED 1.01% 50 End-of-day quote.-3.85%
WTI 0.24% 74.99 Delayed Quote.52.07%
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Analyst Recommendations on PTT PUBLIC COMPANY LIMITED
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Financials
Sales 2021 2 158 B 64 372 M 64 372 M
Net income 2021 107 B 3 184 M 3 184 M
Net Debt 2021 367 B 10 950 M 10 950 M
P/E ratio 2021 10,9x
Yield 2021 4,50%
Capitalization 1 143 B 34 180 M 34 088 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,64x
Nbr of Employees -
Free-Float 71,7%
Chart PTT PUBLIC COMPANY LIMITED
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PTT Public Company Limited Technical Analysis Chart | PTT | TH0646010Z00 | MarketScreener
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Mean consensus BUY
Number of Analysts 21
Last Close Price 40,00 THB
Average target price 48,77 THB
Spread / Average Target 21,9%
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Managers and Directors
Auttapol Rerkpiboon President, CEO, Secretary & Director
Pannalin Mahawongtikul Chief Financial Officer
Thosaporn Sirisumphand Chairman
Wittawat Svasti-Xuto Chief Technology & Engineering Officer
Don Wasantapruek Independent Director
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