Capital markets in Thailand
Allen & Overy (Thailand) Co, Ltd
Allen & Overy (Thailand) Co, Ltd handles a range of debt and equity capital markets work, with specialist expertise in derivatives, securitisation and other structured finance matters. Co-head of the team Suparerk Auychai has a strong reputation for IPOs, rights offerings and share transactions; he recently advised the underwriters on the $464m IPO by Osotspa on the Stock Exchange of Thailand, the largest listing in Thailand in 2018. Practice co-head Stephen Jaggs advised Bangkok Bank and Thanachart Bank in relation the government of Laos' $230m sovereign bond issuance to institutional and high-net-worth investors. Counsels Noparat Kaewsringarm and Doungporn Prasertsomsuk are also recommended.
Stephen Jaggs; Suparerk Auychai
JP Morgan Securities
Thai Union Feedmill
Standard Chartered Bank (Thai)
Goldman Sachs (Asia) LLC
Morgan Stanley & Co. International
Bank of America Merrill Lynch
- Acted as Thai and international counsel to the underwriters on the $464m IPO of shares by Osotspa on the Stock Exchange of Thailand.
- Acting as Thai and international counsel to the underwriters in connection with the proposed initial public offering and listing on the Stock Exchange of Thailand (SET) of S Hotel and Resorts Company.
- Acting as Thai counsel to the underwriters in connection with the proposed initial public offering and listing on the Stock Exchange of Thailand (SET) of Asset World Corporation.
- Advised Thai Union Feedmill on the IPO of shares in subsidiary Thai Union Feedmill Co and on its increase of shareholding proportion in TFM.
- Advised Phatra Securities and Bualuang Securities, as placement agents, on the block trade in Thailand of approximately 4.5% of shares in SET-listed Osotspa.
Baker McKenzie's capital markets practice handles complex financing transactions for headline corporate clients. Kitipong Urapeepatanapong heads the capital markets group, while Komkrit Kietduriyakul leads the derivatives and structured finance team. In addition, the firm has developed a strong venture capital and start-up company practice, which has generated a fair amount of high-quality IPO deals. Funds and infrastructure are other key workflows for the team and Theppachol Kosol is a name to note here. Other key figures in the team include structured finance specialist Benja Supannakul and the 'exceptional' Primyadar Duangrat. Kowit Adireksombat and Viroj Piyawattanametha are also recommended.
Kitipong Urapeepatanapong; Komkrit Kietduriyakul
‘Baker’s capital market team is very unique, experienced and always provide practical solutions.’
‘Baker McKenzie has the ability to provide a total solution, including tax advice, litigation advice, capital market to clients.’
‘Primyadar Duangrat is the most stand out legal adviser in the industry with exceptional experience and legal knowledge.’
Yoma Strategic Holdings
Siam Commercial Bank
Thai Oil Public
Prime Road Group
Proud Real Estate
Banyan Tree Holdings
- Advised Minor International on the issuance and offering of $300m guaranteed senior perpetual capital securities to investors overseas.
- Advised Yoma Strategic Holdings on its inaugural issuance and offering of $70m guaranteed bonds of YSH to institutional investors.
- Advised Siam Commercial Bank on the establishment of the $3.5bn global medium term note programme.
- Advised Thai Oil Public and Thai oil Treasury Center on the increase of the program size of the $2bn Global Medium Term Note Programme and Thai Oil Treasury on the issuance and offering of $400m 4.625%.
- Assisted Minor International, a public limited company listed on the Stock Exchange of Thailand, in relation to regulatory advice and relevant corporate approval process in connection with the $2.06 billion investment in shares (94.10%) in NH Hotel Group.
Linklaters provides comprehensive Thai and English law support on complex capital markets transactions. Jointly headed by senior partner Wilailuk Okanurak and Pornpan Chayasuntorn, the team has expertise in various debt and hybrid instruments such as equity-linked notes and convertible bonds, and also has strengths equity capital markets, being routinely instructed in market-leading IPOs and secondary offerings. Leveraging firm-wide institutional relationships, the practice group is instructed by every major international lender in Thailand, and also acts for a number of active corporate issuers.
Wilailuk Okanurak; Pornpan Chayasuntorn
Merrill Lynch Far East
Standard Chartered Bank
- We acted for Asian Development Bank on the THB1,500,000,000 Fixed Rate Green Bonds due 2023 and THB3,500,000,000 Fixed Rate Green Bonds due 2025 issued by B. Grimm Power Public Company Limited via private placement to ADB.
- Advised Osotspa on its IPO of 506.75 million new shares.
- We advised Mr Niti Osathanugrah on a private placement through a big lot transaction on the Stock Exchange of Thailand with respect to 135,168,700 ordinary shares in Osotspa Public Company Limited.
- We acted for SCB Asset Management Co Ltd, the management company of The Digital Telecommunications Infrastructure Fund (DIF) in the offering of up to 3,831 million new investment units to public and existing unit holders. This involves both domestic and international offering.
Weerawong, Chinnavat & Partners represents issuers, underwriters, placement agents, investors and corporate trustees in debt and equity deals. In addition, the practice group has experience of derivatives, linked offerings and other complex financial products, and also handles listed funds work. Senior partner Veeranuch Thammavaranucupt heads the team, and recently acted for True Properties in the establishment of the Bualuang Office Leasehold REIT. On the more junior end, senior associate Trinuch Chuenchomlada has experience advising issuers and underwriters on international and domestic equity deals.
Other key lawyers:
Zen Corporation Group
PPT Global Chemical
- Represented CPN Retail Growth Leasehold Property Fund (CPNRF by SCB Asset Management Company Limited) in connection with the conversion of CPNRF into a real estate investment trust, namely CPNREIT by the transfer of 4 department stores.
- Advised Zen Corporation Group which offered 75 million newly issued shares via underwriters to the investors.
- Advised Jasmine International on its divestment of a percentage of its units in Jasmine Broadband Internet Infrastructure Fund (JASIF).
- Represented Credit Guarantee and Investment Facility (CGIF) as guarantor on the issuance of the Partially Guaranteed Bonds of Siamgas and Petrochemicals Public Company Limited No. 2/2561 (2018), representing its support to a Thai corporate issuing bonds in Thai baht.
Hunton Andrews Kurth LLP
Hunton Andrews Kurth LLP has expertise in a range debt securities transactions, IPOs and secondary offerings, securities issuances in connection with project finance deals, and private equity financing. Department co-head Stephen John Bennett is especially active in the energy and financial services sectors, and co-head Manida Zinmerman has been involved in high-value share transactions, which recently included assisting Delta Electronics Singapore with a conditional voluntary tender offer to acquire all the ordinary shares of Delta Electronics Thailand.
Stephen John Bennett; Manida Zinmerman
- Assisted Electronics Industry on the issuance and offering of shares on a rights offering basis of 6,339,797,314 newly-issued ordinary shares at the offering price at THB 0.05 per share worth approximately $10m.
- Assisted Nation International Edutainment to increase the company’s registered capital.
- Advised International Finance Corporation, as subscriber and purchaser, in respect of its subscription for Thailand’s first ‘green’ bond issued by TMB for an aggregate value of $60m.
- Advising JP Morgan on the issuance and offering of listed derivative warrants of JPMST in Thailand.
- Assisted Raimon Land in respect to the increase of the Company’s registered capital.
Siam Premier International Law Office Limited's capital markets practice is spearheaded by Kulkanist Khamsirivatchara, who has experience of securities transactions, take private deals, and myriad regulatory matters. The team is active in the debt and equity markets, where it is regularly involved in IPOs and secondary capital raisings.
Tilleke & Gibbins handles debt and equity capital markets transactions and also has a strong regulatory practice, which advises the firm's corporate client base on reporting obligations and related issues governed by the SEC. The team is jointly led by Santhapat Periera, who is regularly involved in SET filings and has been involved in Thai IPOs, and Kobkit Thienpreecha, who is able to provide transactional and regulatory advice on cross-border securities offerings.
Santhapat Periera; Kobkit Thienpreecha
Bain Capital Private Equity
Brown Brothers Harriman
China Development Bank
First State Investments
- Provided First State Investments with regulatory advice on its cross-border transactions with Thai investors.
- Provided Merian Global Investors with regulatory advice on cross border transfers.