Largest offer aim by PTTEP

By finaAmanda Battersby

 06 December 2012 23:59 GMT

Thailand’s PTTEP, the national upstream player, is planning the country’s largest initial public offering of shares, and expects to raise 92.3 billion baht ($3 billion).

Shares will be sold at a final price of 142 baht apiece. This figure was determined through a book-building exercise compared to the 154 baht per share closing price on 29 November — the day preceding the offer.

“The final offering price reflects current market demand for PTTEP’s newly-issued ordinary shares,” said PTTEP chief executive Tevin Vongvanich.

PTTEP will offer 650 million ordinary shares. Existing ordinary shareholders will be entitled to 0.195783 newly-issued ordinary shares per one existing ordinary share.

Funds raised will help PTTEP strengthen its capital structure and achieve expansion plans after…

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