Rising Stars

Firms To Watch: Capital markets

With demonstrable expertise in handling capital markets work on both a domestic and international scale, MSC International Law Office Company Limited’s range of capabilities include IPOs, rights offerings and debt to equity conversion transaction.
Jointly led by Jirapong Sriwat and Apinya Sarntikasem, the team at SCL Nishimura & Asahi Ltd handles a broad range of capital markets transactions, including debt, equity and hybrid securities mandates, in addition to J-REITs.
Veeranuch Thammavaranucupt is a key contact in newly established TTT+Partners‘s capital markets practice, advising on a broad range of ECM and DCM mandates.

Capital markets in Thailand

Baker McKenzie LLP

Spearheaded by Komkrit Kietduriyakul, Viroj Piyawattanametha, Theppachol Kosol, Primyadar Duangrat and Benja Supannakul, Baker McKenzie LLP's capital markets practice fields a diverse practice across derivative and debt capital market transactions, as well as securities offerings, financial advice and cross-border financing. The firm is notably active in IPO and listing transactions, routinely entrusted by banks, issuers, institutions and governments. Kietduriyakul possesses a wealth of experience of derivatives, structured finance, project finance, capital markets and bankruptcy, while Piyawattanametha is demonstrably active in the debt equity capital market sphere. Kosol’s varied expertise encompasses infrastructure funds, equity capital markets and listing regulations, and Duangrat is well-versed in securities transactions. Supannakul bolsters the practice with her regulatory knowledge. Other key contacts in the team include Kowit Adireksombat and Pukkapol Khuntamanee.

Practice head(s):

Komkrit Kietduriyakul; Viroj Piyawattanametha; Theppachol Kosol; Primyadar Duangrat; Benja Supannakul


Other key lawyers:

Kowit Adireksombat; Pukkapol Khuntamanee


Key clients

Thai Life Insurance Public Company Limited


Betagro Public Company Limited


SCG Chemicals Public Company Limited


aCommerce Group Public Company Limited


SCG JWD Logistics Public Company Limited


Thai Oil Public Company Limited


Nomura Holdings, Inc


Srisawad Corporation Public Company Limited


The Bank of Nova Scotia


Minor International Public Company Limited


GC Treasury Center Company Limited


SCG Chemicals Public Company Limited


JWD InfoLogistics Public Company Limited


TMBThanachart Public Company Limited


CIMB Thai Bank Public Company Limited


TMB Asset Management Co., Ltd. and Thanachart Fund Management Co., Ltd. (Eastspring Asset Management (Thailand) Co., Ltd. (after amalgamation))


Krungthai Bank Public Company Limited


Krungthai Bank Public Company Limited


Krungthai Bank Public Company Limited


CIMB Thai Bank Public Company Limited


Work highlights


  • Advised Capital Nomura Securities Public Company Limited, CGS-CIMB Securities (Thailand) Company Limited, Finansa Securities Limited, Kiatnakin Phatra Securities Public Company Limited Krungsri Securities Public Company Limited as well as Citigroup Global Markets Limited, Macquarie Capital Securities (Singapore) Pte. Limited and Merrill Lynch (Singapore) Pte. Ltd. as a Thai legal counsel in the initial public offering of 2,384,318,900 shares of Thai Life Insurance PCL under Regulation S and Rule 144A with a value of THB 37bn.
  • Advised Betagro Public Company Limited, as the issuer’s Thai law counsel on its IPO in Thailand and outside of Thailand under Regulation S and Rule 144A under the U.S. Securities Act. The IPO raised Bt 20bn (approximately, $530m), including the over-allotment portion.
  • Advised SCG JWD Logistics Public Company Limited (formerly known as JWD InfoLogistics Public Company Limited (JWD)), one of the largest logistics companies listed on the Stock Exchange of Thailand, on its merger transaction with SCG Logistics Management Co., Ltd. (SCGL), a subsidiary of Siam Cement Public Company Limited’s (SCC), by way of share swap, and private placement, with a transaction value of THB 19bn.

Linklaters

Linklaters has a particular presence in the equity-linked international market, routinely handling convertible and exchangeable bonds issued by Thai-listed companies. The team is capable of handling transactions involving private placement, public offerings and takeovers as well as antitrust issues. Joint practice head Wilailuk Okanurak is well known for her expertise across IPOs, rights offerings, placements of shares and various other issues, and co-head Pornpan Chayasuntorn is well-versed in structured deals, as well as handling both capital and debt market work. Counsel Paveen Khiewvichit's broad experience includes a multitude of debt and equity transactions.

Practice head(s):

Wilailuk Okanurak; Pornpan Chayasuntorn


Other key lawyers:

Paveen Khiewvichit


Key clients

Bangkok Bank Plc.


Bank of America Merrill Lynch


BSS Holdings Company Limited


Bualuang Securities Company Limited


Charoen Pokphand Foods Plc.


Charoen Pokphand Group Company Limited


CPF Global Food Solution Public Company Limited


C.P. Merchandising Company Limited


Credit Suisse


Bank of Ayudhya Public Company Limited


Gulf Energy Development Plc.


JP Morgan


Krungthai Securities


Merrill Lynch Far East Limited


Minor International Plc.


Morgan Stanley Asia Limited


Ngern Tid Lor Plc.


Osotspa Plc.


Kiatnakin Phatra Securities Plc.


The Siam Commercial Bank Plc.


SCB Asset Management


SCB Securities Co Ltd


Ares SSG Capital Management (Hong Kong) Limited


Standard Chartered Bank Plc.


True Corporation Plc.


The Hongkong and Shanghai Banking Corporation Limited


UBS


Work highlights


  • Advised as underwriters’ counsel to Bualuang Securities Public Company Limited, Kiatnakin Phatra Securities Public Company Limited and Merrill Lynch (Singapore) Pte. Ltd. in connection with the Initial Public Offering (IPO) and listing on the Stock Exchange of Thailand of Betagro Public Company Limited.
  • Advising CPF Global Food Solution Public Company Limited on its potential IPO and listing of its shares on the Stock Exchange of Thailand.
  • Advising RATCH Group Public Company Limited as its counsel in relation to an offering by the Company of its newly issued shares to the existing shareholders of the Company in proportion to their respective shareholdings.

Siam Premier International Law Office Limited

Counting fund managers, investment banks, issuers and underwriters in its varied roster, Siam Premier International Law Office Limited fields a capital markets practice that includes domestic and cross-border IPOs, secondary offerings and capital raisings. Co-lead Kulkanist Khamsirivatchara‘s vast experience extends from securities and stock exchange laws to corporate and commercial law. Alongside Khamsirivatchara, Linda Osathaworanan and Saithip Mansri also lead the practice, the latter noted for her capabilities in IPO-related work. Maythawee Sarathai, who joined the practice from Hunton Andrews Kurth LLP in June 2022, focuses on foreign investments, while Kanokon Worachanyawong is active across numerous sectors, from aviation and manufacturing to hospitality.

Practice head(s):

Kulkanist Khamsirivatchara; Linda Osathaworanan; Saithip Mansri


Other key lawyers:

Maythawee Sarathai


Key clients

Loxley Public Company Limited


Krungthai Card PCL


Krungthai Car Rent and Lease Public Company Limited


Krungsri Ayudhaya Card Ltd.


Home Product Center Public Company Limited


Work highlights


  • Assisting KTC with respect to placement-offering of long-term debentures and equity under Medium Term Note Program- at value of over $320m.
  • Assisting Krungsri Ayudhaya Card Ltd. with respect to placement-offering of long-term debentures and equity under Medium Term Note Program- at value of over $302m.
  • Assisting Home Product Center PCL with respect to placement-offering of long-term debentures and equity under Medium Term Note Program – at value of over $150m.

Tilleke & Gibbins

Joining the firm in January 2023 from Hunton Andrews Kurth LLP, Yaowarote Klinboon now leads the Tilleke & Gibbins team, bolstering the practice with her wealth of experience in securities offerings, among others. The team is routinely entrusted by a range of corporations and financial services firms to advise on debt and equity securities, IPO filings, funds and digital assets. Kobkit Thienpreecha acts for investment management funds, financial institutions, and cryptocurrency exchanges on a range of issues, while associate Karinevidch Olivero is active across banking and finance, media, retail, and real estate industries.

Practice head(s):

Yaowarote Klinboon


Other key lawyers:

Kobkit Thienpreecha; Karinevidch Olivero


Testimonials

‘Quick response, attention to detail, and availability are all attributes of the team.’

Key clients

Beryl 8 Plus PCL


BlackRock


FBS Markets Inc.


Federated Hermes Limited


Liberator Securities Co., Ltd.


Mirae Asset Global Investments


Morgan Stanley


NAGA Markets Europe Ltd.


Nation Group (Thailand) PCL


T.K.S. Technologies PCL


Work highlights


  • Assisted a Thai pipe manufacturer and construction services provider on all legal aspects of its planned IPO and listing on Thailand’s Market for Alternative Investment (MAI).
  • Assisted T.K.S. Technologies PCL with the issuance of 115,000,000 newly issued ordinary shares to Sabuy Technology PCL via a private placement as one of the sources of funds for its acquisition of shares in Advanced Information Technology PCL.
  • Advised Nation Group (Thailand) PCL on the rights issue of 8,135,940,724 new shares and 2,711,980,241 units of the warrants as sweeteners to existing shareholders who subscribe for the rights issue shares.

Weerawong, Chinnavat & Partners

With a client roster that extends from public companies to financial institutions, Weerawong, Chinnavat & Partners regularly acts for clients on equity and debt instruments, public offerings and private placements, to name a few. Practice head Trinuch Chuenchomlada's experience encompasses IPOs and numerous securities law issues, while Weerawong Chittmittrapap is also active in the capital markets arena. Wittaya Kaewkungsadan is well-versed in debt and equity market transactions, and senior associate Jongtip Tangsripairoje, whose practice has particular strengths in debt market offerings, is another key contact in the group.

Practice head(s):

Trinuch Chuenchomlada


Other key lawyers:

Weerawong Chittmittrapap; Wittaya Kaewkungsadan; Jongtip Tangsripairoje


Key clients

aCommerce Group PLC


Jasmine International PLC


CPN Retail Growth Leasehold Property Fund


Asset World PCL


True Properties


Origin Property PCL


Britania PCL


Ananda Development PLC


BTS Group Holdings PCL


Kerry Express PCL


Bangkok Airways PCL


Asia Aviation PCL


J&T Express Thailand


Big C Retail Corporation Public Company Limited


SCG Cement-Building Materials Company Limited


DXN Holdings Bhd.


OISHI Group Public Company Limited


Sri Trang Gloves (Thailand) Public Company Limited


Toa Paint (Thailand) Public Company Limited


Deestone Corporation PLC


Thai Beverage PCL


BeerCo Limited


KCG Corporation PLC


AAS Auto Service Co., Ltd.


Pilatus Marine PLC


Tanachira Retail Corporation Co., Ltd.


Siam Commercial Bank


Credit Suisse


Macquarie Bank


Bangkok Bank


Krungthai Asset Management


Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, ING Bank N.V., Singapore Branch


BNP Paribas, Citigroup Global Markets Inc., Standard Chartered Bank


The Hongkong and Shanghai Banking Corporation Limited


UBS AG (Hong Kong) Credit Guarantee and Investment Facility (Asian Development Bank)


Hunton Andrews Kurth LLP

Routinely operating for its blue chip client base, Hunton Andrews Kurth LLP's capabilities encompass IPOs, rights offerings, warrant issues and bond offerings. Stephen Bennett leads the practice with particular strengths in handling M&A transactions, recently handling structured bonds, the issue and sale of derivative warrants, as well as a crowdfunding licence for clients. Yaowarote Klinboon departed in January 2023 to join Tilleke & Gibbins.

Practice head(s):

Stephen Bennett


Key clients

International Finance Corporation


DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH


JPMorgan Chase & Co.


Banpu North America Corporation


Thai AirAsia Company Limited


Nation Multimedia Group Public Company Limited


Aqua Corporation Public Company Limited


AQ Estate Public Company Limited


Prime Road Power Public Company Limited


Power Solution Technologies Public Company Limited


Beryl 8 Plus Company Limited


Sabuy Technology Public Company Limited


Supamitr General Hospital Public Company Limited


United Power of Asia Public Company Limited


Work highlights


  • Advised IFC and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), as subscribers and purchasers, for 5-Year Green Bonds, 7-Year Green Bonds and 10-Year Green Bonds for the aggregate face value of $150m to be issued by B.Grimm Power Public Company Limited.
  • Advised IFC, as subscriber and purchaser, in respect of its subscription for Thailand’s first “blue” bond to be issued by TMBThanachart Bank Public Company Limited for an aggregate face value of $50m.
  • Advised Thai AirAsia Company Limited as issuer in connection with the issuance of Baht 2 billion of secured bonds with an annual coupon rate of 6.80% and a tenor of 2 years to Institutional Investors and High Net Worth Individuals in May 2022.

Kudun & Partners

A team that is active across a broad range of industries, from manufacturing to telecoms, Kudun & Partners counts issuers, underwriters and placement agents among its key roster of clients. The team regularly undertakes IPOs, securitisation, hedge funds and private equity funds for these clients. Praised as 'exceptionally outstanding and knowledgeable', the practice is jointly led by Kudun Sukhumananda, who possesses expertise in M&A, IPOs, debt securities offerings and stock exchange listings, and Kom Vachiravarakarn, who is particularly active across manufacturing, energy and real estate sectors, among others.

Practice head(s):

Kudun Sukhumananda; Kom Vachiravarakarn


Other key lawyers:

Thitawan Thanasombatpaisarn


Testimonials

‘Kudun has a smart group of lawyers. They use very innovative solutions to help achieve our goals. We have used other global firms but the KAP team is exceptionally outstanding and knowledgeable in handling capital markets and acquisition transactions.’

‘The way they structure the deal is done in a very smart way. Kudun is an outstanding lawyer and knows immediately what we are looking for.’

‘Very good value for the fees that we are charged.’

‘The partners, Kudun Sukhumananda and Thitawan Thanasombatpaisarn, are consistently delivering exceptional results in their legal representation, whether acting on behalf of issuers or investment banks.’

‘The team exhibits remarkable legal expertise and possesses a strong ability for execution. I appreciate that they highly value client input, provide advice that is commercially viable, and execute instructions diligently.’

Key clients

Thanulux Public Company Limited


Saha Pathana Inter-Holding Public Company Limited


Yong Concrete Public Company Limited


Polynet Public Company Limited


ReadyPlanet Public Company Limited


Health Empire Corporation Public Company Limited


Nusasiri Public Company Limited


King Gen Public Company Limited


Wow Factor Public Company Limited


Taokaenoi Food & Marketing Public Company Limited


Nirvana Daii Public Company Limited


Bluebik Group Public Company Limited


Ichitan Group Public Company Limited


SGF Capital Public Company Limited


Work highlights


  • Represented Thanulux Public Company Limited (TNL) as the lead counsel on a complex restructuring and expansion of its investment involving five reputable listed companies including Saha Pathana Inter-Holding, BTS Group Holdings, Noble Development, and Rabbit Holdings (formerly known as U City) with a total value of THB 8.8 billion.
  • Advised Saha Pathana Inter-Holding Public Company Limited (Saha Group) on the acquisition of approximately 41.81 percent of the total issued shares of Thanulux Public Company Limited.
  • Advised Yong Concrete Public Company Limited, one of the largest manufacturers and distributors of precast and ready-mixed concrete products in central and western Thailand, with respect to its IPO.

The Capital Law Office Limited

Jointly helmed by Chatri Trakulmanenate, Paradorn Leosakul, Patraporn Milindasuta and Haruethai Boonklomjit, the 'strong team' at The Capital Law Office Limited advises clients on equity-linked products and debt instruments. Praised for its 'hands-on approach', the practice is also active across a diverse array of sectors, from energy and retail to petrochemicals and healthcare.

Practice head(s):

Chatri Trakulmanenate; Paradon Leosakul; Patraporn Milindasuta; Haruethai Boonklomjit


Testimonials

‘Capital Law Office is a medium-sized firm whose strength stems from the quality of their highly selective partners.’

‘The hands-on approach together with the ability of partners to collaborate effectively was very crucial to an effective outcome.’

‘Paradon Leosakul has deep knowledge of capital market.’

‘Capital Law has a strong team to support the clients. The clients can reach each of the partners and associates individually with the quick responses.’

Key clients

Super Energy Corporation Public Company Limited


Samart Aviation Public Company Limited


D.T.C. Enterprise Public Company Limited


Asia Medical and Agricultural Laboratory and Research Center Public Company Limited


Aurora Design Public Company Limited


Thai Eastern Group Holdings Public Company Limited


Shareholding and management restructuring of Finansia Syrus Securities Public Company Limited


Moshi Retails Corporation Public Company Limited


MEB Corporation Public Company Limited


P.S.P. Specialties Public Company Limited


Raimon Land Public Company Limited


Work highlights


  • Advised Asian Network International Company Limited on its IPO on the SEC, which includes its foreign subsidiaries in seven countries.
  • Advised Samart Aviation Public Company Limited in its spin off and in listing its Cambodian subsidiary engaging in air controlled services on the Thai SET which will be listing of first Cambodian company on the SET.