PTT launches roadshows

As expected the Thai government has taken a realistic view of what can be achieved with the flotation of the Petroleum Authority of Thailand (PTT).

Indicative terms for the deal have been settled at the lower end of the government's original ambitions, with a Bt31 to Bt35 price range announced yesterday Monday. At this level, the company is set to raise Bt24.8 billion to Bt28 billion pre-greenshoe $553.2 million to $624.58 million from an 800 million share deal. 

This, in turn, has been split between an offer of 750 million primary shares and 50 million secondary shares. In addition, the 15% greenshoe will also comprise secondary shares. Pre-greenshoe, this represents 28.5% of the company's equity and 31.5% post greenshoe.

Although the indicative price range is beneath the government's initial valuation of Bt37.5 to Bt65 per share,...

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