PTT slashes Star Petroleum stake via $365m IPO

Star Petroleum completed a Bt13 billion $365 million initial public offering on Thursday, Thailand's second-largest this year, as energy conglomerate PTT responded to antitrust concerns by chopping down its majority stake in the Thai oil refining company. 

PTT sold a 30.6% shareholding in the company for $315 million, leaving it with a stake of just over 5%, while Star Petroleum raised a further $50 million from the sale of new shares.

The shares were offered at a fixed price of Bt9 per share, equating to 6.6 times the projected earnings next year of Star Petroleum and 1.07 times its...