Chevron’s Thai unit aims to raise US$435mil from IPO

BANGKOK: Thailand’s Star Petroleum Refining Pcl (SPRC) has set its IPO price at 9 baht (US$0.2510) per share, aiming to raise up to 15.6 billion baht (US$435mil) in an initial public offering later this month, the company said in a filing.

The deal will mark the exit of Thailand’s top energy firm PTT Pcl, which has long sought to sell its 36% stake in SPRC amid criticism that it hold a monopoly over all aspects of the Thai energy sector.