Banks' systems crash as investors rush to subscribe to PTT firm's IPO
Kasikornbank and Krungthai Bank have advised investors not to rush with their subscription to PTT Oil and Retail Business (OR) shares as it is open until February 2.
They made the statement after the subscription system of three banks, namely Kasikornbank, Krungthai Bank and Bangkok Bank, crashed at 9am on Sunday due to high user traffic.
OR has set the price of its 3-billion initial public offering (including 390 million overallotment shares) at between Bt16 and Bt18 per share, including 595.7 million shares being offered to individual investors from January 24 to February 2.
OR is using the small lot first method to ensure that individual investors would be able to receive the company's shares. The subscription amount has been set at Bt18 per share. OR will refund the difference to subscribers if the final offering price is different from the subscription price.
The refund will be made by February 17 (in case of cash payment) or February 22 (in case of cheque payment) if shares are not allotted to subscribers.
According to the Securities and Exchange Commission, the fundraising aims to support OR's five-year expansion plan, such as increasing the number of PTT stations, fuel distribution centres, retail stores and overseas business. The company will use the funds to repay loans and invest in new businesses.