Exxon Thai unit opens up 9 percent on debut

BANGKOK, May 6 (Reuters) - Shares in Esso (Thailand) ESSO.BK, a Thai unit of Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) rose 9 percent on their debut on Tuesday as investors snapped up a cheaply-valued IPO at a time of surging global oil prices.

The stock opened at 10.90 ($0.34), 9 percent above the initial public offering price of 10 baht. The main Thai index .SETI was up 0.52 percent.

Esso, 67.5 percent owned by Exxon group, raised $294 million last month in the country's largest IPO so far this year.

It refines 177,000 barrel per day (bpd), or 16 percent of Thailand's total. It will use most of the IPO proceeds to repay debt. ($1 = 31.70 Baht) (Reporting by Khettiya Jittapong, Editing by Darren Schuettler)