BANGKOK, Nov. 21 -- The partial privatization of PTT PLC, the Thai state-owned oil and gas enterprise formerly known as Petroleum Authority of Thailand, sparked strong local and overseas demand for its shares.
Demand from foreign institutional investors was five times the volume expected, prompting authorities to make 920 million shares available, up from 800 million.
Shares offered to local investors were increased to 64.24% from 60%, while foreign institutional investors have agreed to acquire the rest.
PTT on Wednesday set the IPO price at 35 baht/share, raising total proceeds to $631 million.
The Thai Finance Ministry will continue to own about 75% of PTT, which has a monopoly on gas distribution.