Shares of PTT Oil and Retail Business Plc (OR) opened for trading at 26.50 baht per share in its debut on Thursday on the Stock Exchange of Thailand (SET), up 47.2% from its initial public offering (IPO) price of 18 baht, before closing at a high of 29.25 baht in trade worth 47.4 billion baht.
OR operates locally and internationally with registered paid-up capital of 116 billion baht, with a par value of 10 baht each.
The company raised 54 billion baht in its IPO in January, ranking as the SET's largest IPO and the highest among oil companies in Asia since 2007, with total market capitalisation of 209 billion baht.
The company recorded the largest number of retail shareholders among SET-listed companies at 525,054 people, or 24.5% of the company's total shareholders, said Bangkok Bank president Chartsiri Sophonpanich, one of OR's major financial advisers and underwriters.
OR president and chief executive Jiraphon Kawswat said the funds raised from the IPO will be used to expand the gas station network, penetrate the commercial market, invest in petroleum depots and distribution centres, grow the retail network, and invest in overseas and new S-curve businesses.
OR is confident its business will continue to grow based on its investment in potential business partners through joint ventures and mergers and acquisitions (M&A), with 50 billion baht from the IPO set aside for business expansion.
The company set a budget with a five-year investment plan worth 74.6 billion baht.
"A joint venture and M&A strategy will help the company enter into new businesses," she said.
"We don't plan to start any businesses from scratch, as this takes more time and businesses may be out of trend before they even materialise."
Ms Jiraphon said OR's income structure the next five years will be 52% from oil businesses, 33% from non-oil businesses and 13% from international businesses.
The current structure is 70% oil businesses, 25% non-oil businesses and 5% from international businesses, she said.
Anuwat Ruamsuke, managing director of Phatra Securities, OR's co-financial adviser and underwriter, said shares of OR will be added to the SET50 and SET100 indices via fast track within three days, and probably be listed on the MSCI Thailand Index and FTSE SET Index within a week.