OR share price hits Bt26.50 on first day of trading
The share price of PTT Oil and Retail Business (OR) on the first day of trading was Bt26.50 per share, up Bt8.50, or 47 per cent, compared to its subscription price of Bt18.
Several analysts had expected the price to rise over its subscription price.
As the company has good fundamentals, they advised investors to buy the shares for long-term speculation.
Earlier, OR had launched its initial public offering of 3 billion shares. Of the total, 1.03 billion were offered to retail investors, 1.21 billion to domestic institutional investors, 450 million to foreign institutional investors and 300 million to existing PTT shareholders.
The total number of retail investor subscriptions via three banks – Kasikornbank, Bangkok Bank and Krungthai Bank – was more than 530,000, while they received an average of 4,500 shares.
OR Chief Executive Officer Jiraporn Khaosawas announced that the company’s five-year business expansion plan (2021-2025) was worth Bt74.60 billion, with 34.6 per cent to be invested in the oil business, 28.6 per cent in retail and service businesses, 21.8 in foreign business and 15 per cent in other business.