Good response to PTG Energy's debut on the SET
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As PTG Energy debuted on the Stock Exchange of Thailand, its shares closed at Bt4.60, up 17.94 per cent from the Bt3.90 initial-public-offering price, thanks to strong fundamentals, according to the financial adviser, which expects PTG shares to join the
PTG retails motor fuel via PT service stations. Its debut on the Thai bourse yesterday was well received by investors against the direction of the current equity market.
PTG offered 420 million IPO shares at Bt1 par value each through Sage Capital Co as the financial adviser and Nomura Pattanasin Securities as the underwriter. The proceeds from the IPO will support expansion of both self-service and fully integrated (coffee shop and convenience stores) service stations.
The 10-point slippage of the SET Index yesterday morning placed some pressure on PTG shares, according to Nomura Pattanasin. However, investors were aware of the strong fundamentals of PTG and this was eventually reflected in the share price. PTG president and chief executive officer Pitak Ratchakijpakarn expects the company to beat last year’s net profit of Bt359.99 million with its plans to establish 155 service stations this year. More stations mean more capacity to generate profit and reduce costs through economies of scale.
Pitak believes that second-quarter operational results will surpass the same period last year after the raising of capital to support business expansion via listing on the SET.
