rayong-refinerys-ipo-highlights-investor-interest-and-caution

Rayong Refinery's IPO highlights investor interest and caution

The PTT spin-off prices offer at bottom end of the range for a 10% valuation discount to bigger rival Thai Oil.

Despite almost three weeks of virtually uninterrupted equity market declines, bankers say they still see interest in primary market issues - although investors are now typically opting for smaller sizes than they would have a month ago. They are also becoming more careful with regard to valuations, and this is especially noticeable because of a higher proportion of price limit orders.

A case in point is Thailand-based Rayong Refinery Co. RRC which yesterday May 25 priced its initial public offering at the bottom end of the indicated range for a total deal size of Bt25.2 billion $657 million. The spin-off from government-controlled energy company PTT fixed the price...

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