PTT spin-off launches IPO amid strong investor interest for refineries

Top-end pricing and exercise of greenshoe could make Rayong Refinery Thailand's largest IPO ever.

Rayong Refinery Co. RRC yesterday May 15 launched the roadshow for an initial public offering of up to $846 million. It hopes the equity offer will feed off the same strong investor interest in refineries that was evidenced by a sharp jump in the share price of IndiaƆs Reliance Petroleum, which listed last week.

The bookrunners could be in for a challenge, however, after the IPO launch coincided with a sharp drop in oil and gasoline prices on Monday. While...

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