BANGKOK, 7 October 2004 — Thailand largest oil refiner, Thai Oil Plc, said yesterday it will launch an initial public offer (IPO) today to raise up to 28.8 billion baht ($700 million). According to the energy giant’s prospectus, Thai Oil and its creditors will offer 900 million shares at between 27 baht (65 cents) and 32 baht each. The offer will be the country’s second largest IPO ever after its parent PTT Plc raised 726 million dollars in 2001.
The company said 698 million shares would be sold to domestic and foreign institutional investors and individual Thai investors. The remaining 202 million shares would be sold to existing shareholders, such as PTT and its affiliates.