Thailand’s Star Petroleum Refining (SPRC) has set its IPO price at 9 baht ($0.2510) per share, aiming to raise up to 15.6 billion baht ($435 million) in an initial public offering later this month, the company said in a filing.

The deal will mark the exit of Thailand’s top energy firm PTT, which has long sought to sell its 36 per cent stake in SPRC amid criticism that it hold a monopoly over all aspects of the Thai energy sector.

It will also be Thailand’s third biggest IPO this year after telecoms group Jasmine International Pcl listed a $1.7 billion internet fund in February and EGAT listed a $595 million power plant fund in July. Star Petroleum, 64 per cent owned by Chevron Corp, planned to sell up to 1.74 billion shares in the IPO, of which 1.39 billion shares will be sold by PTT, according to the filing to Securities and Exchange Commission.

Nearly 60 per cent of the shares will be offered to local retail investors on November 23-25 and institutional investors on November 26-December 1, with the remaining to be sold to foreign investors.

The proceeds from the sale will be used to repay debt and as working capital. Chevron South Asia Holdings Pte Ltd will remain the majority shareholder in SPRC with a 57.42 per cent after the IPO, the company said.