Banks' systems crash as investors rush to subscribe to PTT firm's IPO

[webfact]

Banks' systems crash as investors rush to subscribe to PTT firm's IPO

By The Nation

 

 

Kasikornbank and Krungthai Bank have advised investors not to rush with their subscription to PTT Oil and Retail Business (OR) shares as it is open until February 2.

 

They made the statement after the subscription system of three banks, namely Kasikornbank, Krungthai Bank and Bangkok Bank, crashed at 9am on Sunday due to high user traffic.

 

OR has set the price of its 3-billion initial public offering (including 390 million overallotment shares) at between Bt16 and Bt18 per share, including 595.7 million shares being offered to individual investors from January 24 to February 2.

 

OR is using the small lot first method to ensure that individual investors would be able to receive the company's shares.

 

The subscription amount has been set at Bt18 per share. OR will refund the difference to subscribers if the final offering price is different from the subscription price.

 

The refund will be made by February 17 (in case of cash payment) or February 22 (in case of cheque payment) if shares are not allotted to subscribers.

 

According to the Securities and Exchange Commission, the fundraising aims to support OR's five-year expansion plan, such as increasing the number of PTT stations, fuel distribution centres, retail stores and overseas business. The company will use the funds to repay loans and invest in new businesses.

 

Source: https://www.nationthailand.com/business/30401727

 

 

-- © Copyright The Nation Thailand 2021-01-25

 

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[tonray]

Ahh...I was trying to check xchange rates at Kasikorn and Bangkok Bank yesterday and found both down at same time...which I thought was very odd. Checked balances today...cash still there...

[asiaexpat]

Had to go to the banks but the huge crowds made the wait very long. Went to two malls to get service. Poor planning!

[timendres]

22 hours ago, webfact said:

Kasikornbank and Krungthai Bank have advised investors not to rush with their subscription to PTT Oil and Retail Business (OR) shares as it is open until February 2.

 

They made the statement after the subscription system of three banks, namely Kasikornbank, Krungthai Bank and Bangkok Bank, crashed at 9am on Sunday due to high user traffic.

 

Or, just spitballing here, they could build systems that did not crash.