Esso Thailand prices IPO above the bottom of the range

The first Thai IPO in 10 months raises $269 million as the Ministry of Finance decides to sell only a portion of its shares.

Esso Thailand has attracted good demand to its initial public offering thanks to solid gains in its closest comparables during the roadshow, promises of a high dividend and the fact that this was the first equity offering from Thailand targeted at international investors in 10 months. This allowed the refiner, which is an affiliate of Exxon Mobil, to price the deal slightly above the bottom of the indicated range.

The final price of Bt10 per share compares with a range...

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