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Owner of Thailand’s Café Amazon seeks to raise $1.8bn in IPO

Retail arm of Thailand's state-owned energy giant PTT Plc. announces plans to raise 54bn baht ($1.8bn) through an IPO, with the aim of expanding its coffee shop and retail operation across the country

Café Amazon is Thailand's largest coffee chain, with 2,685 stores | Photo: Café Amazon

Thailand’s largest oil and gas company, PTT Public Company Limited (PTT), is seeking to raise 54bn baht ($1.8bn) through its retail unit, PTT Oil and Retail (PTTOR), in what is anticipated to be Thailand’s largest IPO of 2021.
PTTOR's main business is its network of 2,000 petrol stations, but the firm also controls 2,685 Café Amazon stores, making it Thailand’s largest branded coffee chain operator. Already commanding a 45% share of the East Asian nation’s branded café market, World Coffee Portal data shows Café Amazon grew by 180 net new sites over the last 12 months, despite significant disruption to Thailand’s tourism industry due to Covid-19.

Café Amazon also operates a further 182 stores across East Asian markets, including Cambodia, Laos, the Philippines, Myanmar, Oman and Singapore.
PTT said it plans to use the IPO proceeds to expand its network of petrol stations, where Café Amazon already has a strong presence, and invest in distribution centres for its oil business.
According to PTT, PTTOR's domestic gas station business accounted for 91% of its total 319.3bn baht ($10.7bn) revenues for the nine months to September 2020. Net profit stood at 5.8bn baht ($193.4m), down 35% from the same period in the previous year.

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