Thai Oil: IPO barrelling to success

Thai Oil launches roadshows for South East Asia''s largest IPO of the year.

Roadshows began in Hong Kong yesterday September 27 for a Bt24.3 billion $588 million to Bt28.8 billion $697 million IPO of Thai Oil, the refining arm of state oil giant PTT. The flotation, which is scheduled to close on October 12, appears to heading towards a blowout success after being timed to perfection.

The 900 million share deal is being pitched on a forward PE range of 6.2 to 7.3 times, which places it at a slight discount to regional comparables averaging 8.3 times 2005 earnings. Specialists say the transaction's biggest selling point is a valuation underpinned by soaring refining margins, which continue to surprise analysts on the upside....

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