The share price of PTT Oil and Retail Business Public Company Limited (OR) rose ฿8.50/share or 47.22% to trade at ฿26.50/share at the open on February 11, 2021, the first trading day of OR in SET Index. The share price rose from an IPO price of ฿18.00/share.
The company has a greenshoe option of 390,000,000 shares, having Kiatnakin Phatra Securities as an over-allotment agent.
Analysts expected a limited upside of PTT Oil and Retail Business Public Company Limited (OR)’s share price on the first trading day in the Thai stock market due to the majority of shares being held by fund companies, while a small portion (approx. 9% from a total IPO of 25% of OR’s paid-up shares) were scattered over 500,000 retail investors. Thus, analysts gave a movement range around 20-25 baht.
Moreover, analysts stated that passive fund companies are expecting to accumulate OR’s shares after the addition in SET50 and MSCI, which could boost the share price higher. Meanwhile, the non-oil business still has more room to grow from the expansion of Cafe Amazon, especially overseas.
OR operates an integrated oil and non-oil retailing platform both in Thailand and abroad, including the sales and distribution of petroleum products and other products in retail and commercial marketing, coffee shops, other food and beverage outlets, convenience stores and space management offerings.