Thai oil and gas company PTT Pcl has priced an initial public offering of shares in retail unit PTT Oil and Retail to raise up to US$1.8 billion , it said on Thursday ahead of what is expected to be among the country's largest listings this year.
PTTOR has placing agreements with 28 cornerstone investors, including SCB Asset Management, BBL Asset Management and Kasikorn Asset Management, it said in a separate filing on Thursday. Foreign cornerstone investors include Singapore sovereign wealth fund GIC, Asia Research & Capital Management, and JPMorgan.
PTTOR's main business is its 2,000 petrol stations, but also 3,000 coffee shops under the Cafe Amazon brand as well as other restaurants. The company plans to use the IPO proceeds to expand its network of petrol stations and invest in distribution centres for its oil business.