State-backed oil and gas company PTT Exploration and Production PTTEP has allocated 9.2% of its Bt92.3 billion $3 billion preferential public offering to investors that participated in the bookbuilding exercise at the end of November, according to sources.
The company’s offering to existing shareholders got a good response and technically the deal was oversubscribed after including the applications for excess shares. However, the preferential offering, which is similar to a rights issue, was structured so that existing investors were only supposed to apply for excess shares in the same proportion as their current shareholding. After adjusting the orders to ensure they didn’t exceed that amount, the arranging banks ended up...
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