One of the main drawbacks of orthogonal frequency division multiplexing (OFDM) is the high peak-to-average power ratio (PAPR) of the transmitted OFDM signal. Partial transmit sequence (PTS) technique can improve the PAPR statistics of an OFDM signal. As ordinary PTS technique requires an exhaustive search over all combinations of allowed phase factors, the search complexity increases exponentially with the number of sub-blocks. In this paper, we propose a novel PTS technique with reduced complexity that achieves significant reduction in search complexity with little performance degradation.