refining

The engineering and construction arm of Asia’s largest refiner will start pre-marketing for an IPO of about $1.5 billion tomorrow. Meanwhile, Galaxy Securities delays its planned launch as CSRC approval and cornerstones aren’t yet in place.

The shares are sold to 10 investors at a 9.5% discount to yesterday’s close.

The domestic deal attracts more than 2,000 investors, even as the surge in oil prices sends the company's share price lower.

The Indian oil and gas giant offloads part of the treasury shares held by its Petroleum Fund in a fixed-price deal that is upsized by 50%.

The share sale by Satya Capital comes after the stock rallies 14% in the past month.

The issue is the largest convertible since 2001 in Asia ex-Japan and brings total equity-linked issuance in the past six days to $3.1 billion.

The PTT spin-off prices offer at bottom end of the range for a 10% valuation discount to bigger rival Thai Oil.

Top-end pricing and exercise of greenshoe could make Rayong Refinery Thailand's largest IPO ever.

Placement upsized to $248 million after solid demand, but priced at wide end of discount range.