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Thai state-owned fuel retailer looks to raise $1.8bn in IPO

PTTOR float kicks off another promising year for country's stock market

PTTOR operates nearly 2,300 gas stations and also runs cafes and convenience stores.   © Reuters

BANGKOK -- The retail arm of Thailand's state-owned energy giant PTT is going public with a goal of raising 54 billion baht ($1.8 billion), as the domestic IPO market readies for what could be another stellar year.

PTT announced on Thursday that an initial share price of 16 baht to 18 baht has been set for ordinary shares of PTT Oil and Retail Business, or PTTOR. The final price will be announced on Feb. 3 after a Jan. 24-Feb. 2 bookbuilding period.

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