PTT slashes Star Petroleum stake via $365m IPO

Thailand’s state-owned energy giant sold a 30.6% shareholding for $315 million, while Star Petroleum raised a further $50 million from the sale of new shares.

Star Petroleum completed a Bt13 billion $365 million initial public offering on Thursday, Thailand's second-largest this year, as energy conglomerate PTT responded to antitrust concerns by chopping down its majority stake in the Thai oil refining company. 

PTT sold a 30.6% shareholding in the company for $315 million, leaving it with a stake of just over 5%, while Star Petroleum raised a further $50 million from the sale of new shares.

The shares were offered at a fixed price of Bt9 per share, equating to 6.6 times the projected earnings next year of Star Petroleum and 1.07 times its...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222