Firms To Watch: Capital markets

The team at The Capital Law Office Limited consists of Paradorn LeosakulPatraporn Milindasuta and Chatri Trakulmanenate, who focuses on offerings of equity and debt securities. The team enhanced its capital markets offering with the hire of Patcharaporn Pootranon who joined from Weerawong, Chinnavat & Partners in January 2021.

Capital markets in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd handles the full spectrum of domestic and international equity capital market transactions, including IPOs, rights issues, block trades, second offerings and convertible and exchangeable bonds. Managing partner Stephen Jaggs leads the practice group alongside Suparerk Auychai, who has considerable experience in capital markets transactions across various industry sectors, including retail, consumer goods, telecoms and financial services. Noparat Kaewsringarm handles IPOs, privatisations, and debenture and bond issuances, while counsel Doungporn Prasertsomsuk, who advises on equity and debt capital market transactions, is praised for her ‘extensive experience in bonds, both onshore and offshore’.


‘Doungporn Prasertsomsuk has very rich experience in bonds, both onshore and offshore. Liabilities management is also her specialty.’

The team is very well equipped. They work as one team serving clients in multiple transactions. Their advice is solid and team can always provide further advice beyond request.’

Noparat Kaewsringgarm is insightful, thoughtful, and is trusted by clients and bankers. She is the first person that comes into mind when I need any legal advice.’

Key clients

Kiatnakin Phatra Securities Public Company Limited

Morgan Stanley Asia (Singapore) Pte

Siam Commercial Bank Public Company Limited

Citigroup Global Markets Inc.

NR Instant Produce Public Company Limited

The Hongkong and Shanghai Banking Corporation Limited (Singapore)

PTT Public Company Limited/PTT Treasury Center Company Limited

Bangkok Bank Public Company Limited

Standard Chartered Bank

Credit Guarantee and Investment Facility

Bank of Ayudhya Public Company Limited

Indorama Ventures Public Company Limited

Citicorp Leasing (Thailand) Ltd.

Advanced Info Service Public Company Limited

Credit Suisse (Singapore) Limited/Credit Suisse Securities (Thailand) Limited

Goldman Sachs (Asia) LLC

Jasmine Broadband Internet Infrastructure Fund

Work highlights

  • Acted as Thai and international counsel to the financial advisor and underwriters, namely Morgan Stanley, UBS, Kiatnakin Phatra Securities, CIMB Investment Bank Berhad, Kasikorn Securities and SCB Securities, on the THB 33.1bn initial public offering and listing of Ngern Tid Lor Public Company Limited on the Stock Exchange of Thailand.
  • Acted as Thai counsel to the underwriters, namely Bank of America Merrill Lynch, JP Morgan, Morgan Stanley, Bualuang Securities, Finansa Securities, Kasikorn Securities, Kiatnakin Phatra Securities and TISCO Securities, on the THB 54bn initial public offering and listing of PTT Oil and Retail Business Public Company Limited on the Stock Exchange of Thailand.
  • Acted as international counsel to the global coordinators and book-runners, namely HSBC, Citigroup, Bank of America and Standard Chartered Bank, on the issuance of Basel III-compliant Additional Tier 1 Perpetual Non-call 5-year Subordinated Notes by Krungthai Bank Public Company Limited, to the value of $600m as part of its broader $2.5bn Reg. S Euro-Medium Term Note Programme.

Baker McKenzie LLP

The capital markets practice group at Baker McKenzie LLP assists Thai and international clients across multiple industry sectors, including technology, healthcare and transportation, on the full range of multi-jurisdictional and domestic capital markets transactions. Kitipong Urapeepatanapong heads up the equity capital markets team and is supported by Theppachol Kosol, who handles securities and IPO transactions, and Thananan Sangnuan, who counts financial institutions and TMT sector companies as her main clients. Primyadar Duangrat‘s expertise spans a range of capital markets instruments, including listings on Thai and foreign stock exchanges, fund raising, private placement and rights issues. The debt capital markets team is led by Viroj Piyawattanametha, who acts for banks, financial institutions and securities companies in their capacity as underwriters, as well as listed and non-listed companies. Komkrit Kietduriyakul is also a key contact.

Practice head(s):

Kitipong Urapeepatanapong

Key clients

Thai Airways International PCL

BCPG Public Company Limited

Singha Estate PCL

Jay Mart Public Company Limited and J Fintech Company Limited

Rojukiss International PCL

AJ Plast PCL

Carabao Group PCL

Kasikorn Bank PCL

Stark Corporation PCL

Minor International PCL

Work highlights

  • Advised Thai Airways International PCL on its business reorganisation under the Thai Bankruptcy law, with the value of approximately $11.35bn.
  • Advised Rojukiss International Public Company Limited on its $45.85m IPO, which marks an unprecedented IPO exit of a private equity fund.
  • Advised Global Power Synergy Public Company Limited on the $161m issuance of GPSC Greenbonds, which represents the inaugural debt instrument financing transaction under its Green Finance Framework.


Praised for its ‘tremendous experience with capital markets transactions’Linklaters covers the full range of transactions in this space, and notably handles international equity transactions involving convertible bonds and exchangeable bonds issued by Thai-listed companies. Wilailuk Okanurak, who has experience in a range of matters such as IPOs, rights offerings, placements of shares and sales of shareholdings, jointly leads the practice alongside Pornpan Chayasuntorn, who handles both debt and equity capital market transactions. The team is well-placed to collaborate with the firm’s global network of offices and has been involved in some of Thailand’s largest IPOs.

Other key lawyers:

Paveen Khiewvichit


‘They have tremendous experience with capital markets transactions in Thailand. Their team is quite solid with sufficient seniors/partners’ attention. I believe Linklaters is a preferred team if we need to recommend a law firm to our clients in the capital markets transactions, particularly the IPO.’

Key clients

Bangkok Bank Plc.

Bank of America Merrill Lynch

BSS Holdings Company Limited

Bualuang Securities Company Limited

Charoen Pokphand Foods Plc.

C.P. Pokphand 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


Work highlights

  • Advised Ngern Tid Lor Public Company Limited on its IPO of THB 907.4m shares and an over-allotment option of THB 136m shares, and advised Siam Asia Credit Access and Bank of Ayudhya PCL on the sale of its existing shares in Ngern Tid Lor Public Company Limited as part of the IPO.
  • Advised Minor International Public Company Limited on the THB 9.8bn offering of new ordinary shares to its existing shareholders domestically and internationally in proportion to their shareholdings, followed by the issue of warrants to the existing shareholders.
  • Advised Gulf Energy Development Public Company Limited, the issuer, in issuing and offering of THB 10bn unsecured and fixed coupon rate debentures denominated in Thai Baht.

Weerawong, Chinnavat & Partners

The ‘highly experienced’ team at Weerawong, Chinnavat & Partners acts for issuers, underwriters, security trustees, investors and corporate trustees on a range of domestic and international debt, equity and derivative matters. Led by Veeranuch Thammavaranucupt, who acts for clients on high-value capital markets transactions, the practice has experience in handling securities transactions and represents clients in the issuance of Thai financial instruments. ‘Up and coming partner‘ Trinuch Chuenchomlada advises issuers and underwriters on international and domestic equity and debt capital markets transactions, while Wittaya Kaewkungsadan has over 20 years’ of experience in handling capital market transactions. Patcharaporn Pootranon departed  in December 2020.


‘Highly experienced, market leading team.’

‘Veeranuch Thammavaranucupt and Trinuch Chuenchomlada are the key partners in the practice. Veeranuch is a very experienced and highly technical lawyer. We greatly value her input and advice on all issues. Trinuch is an up and coming partner that provides a complimentary set for the team.’

Key clients

Asset World Public Company Limited

CPN Retail Growth Leasehold Property Fund

True Properties; Origin Property

BTS Group Holdings

Kerry Express

Sri Trang Gloves (Thailand) Public Company Limited

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, and The Hongkong and Shanghai Banking Corporation Limited; UBS AG (Hong Kong)

PTT Public Company Limited, PTT Exploration and Production Public Company Limited, PTTOR Public Company Limited, Sermsang Power; TPI Polene Power

Credit Guarantee and Investment Facility (Asian Development Bank)

Jasmine International Public Company Limited

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP advises on public equity offerings and asset-backed security transactions. Stephen John Bennett co-leads the team and has expertise in securities offerings, particularly in the telecoms, finance and energy sectors. Maythawee Sarathai, who joined from Mayer Brown in January 2021, and counsel Yaowarote Klinboon, jointly head up the practice alongside Bennett. Klinnoom acts for issuers and underwriters on international and domestic offerings of equity and debt instruments.

Key clients

JPMorgan Securities (Thailand) Limited

International Finance Corporation

Absolute Clean Energy Public Company Limited

G Steel Public Company Limited

Work highlights

  • Acting for JKJ on the issuance of its THB 2bn debenture under medium term note program.
  • Acting for LEO Global Logistics Public Company Limited (LEO) on the issuance of THB 120m newly issued shares worth THB 410m.

Kudun & Partners

Kudun & Partners advises issuers, underwriters and placement agents in capital markets transactions across a range of industries, including the energy, telecoms, financial services and real estate sectors. Founding partner Kudun Sukhumananda, who is active in IPOs, debt securities offerings and stock exchange listings, jointly leads the practice alongside Kom Vachiravarakarn, who provides expert securities regulatory advice.

Key clients

STARK Corporation Public Company Limited

Saksiam Leasing Public Company Limited

Assetwise Public Company Limited

Nex Point Public Company Limited

Prosper Engineering Public Company Limited

Siam Rajthanee Public Company Limited

Kerry Express (Thailand)

Nusasiri Public Company Limited

Pattrahouse and Property Public Company Limited

Chai Watana Tannery Group Public Company Limited

Work highlights

  • Advised Saksiam Leasing PCL. on the IPO preparation for the purpose of offering newly issued shares to the public and listing all shares of the client to the Stock Exchange of Thailand with a deal value of THB 2bn.
  • Acted for Stark Corporation Public Company Limited on the offering of 9.45 % shares from one of the shareholders to investors outside the United States and Thailand in reliance on Regulation S under the United States Securities Act of 1933.
  • Assist Kerry Express (Thailand) Limited with the issuance of ESOP-Warrant as part of the Company’s  IPO process.

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited handles a range of capital markets matters, including IPOs, secondary offerings and capital raisings. The practice is jointly led by Kulkanist Khamsirivatchara, who has experience in securities and stock exchange law mandates, Linda Osathaworanan and Saithip Mansri who advises on IPOs. Suttiphat Khamsirivatchara's practice covers derivatives and capital market transactions.

Key clients

Krungthai Card PCL

Home Product Center PCL

Frasers Property (Thailand) Public Company Limited

PTG Energy Public Company Limited

Work highlights

  • Advised KTC on its placement-offering of long-term debentures and equity under medium-term note program.  
  • Acted for HomePro on the placement-offering of long-term debentures and equity.
  • Advised FPT on its placement-offering of long-term debentures and equity under the medium-term note program (MTN).

Tilleke & Gibbins

Tilleke & Gibbins acts for local, regional and international clients on a range of capital markets transactions, including securities regulatory matters, derivatives and financial restructurings. Director of the firm’s corporate and commercial group, Kobkit Thienpreecha, co-leads the team and is noted for his expertise in investment funds and IPO’s. Banking and finance specialist Santhapat Periera acts for investment funds, asset management companies, and financial institutions, and advises on all forms of financial instruments.


‘The team has been able to provide sound and practical advice on cross-border issues.’

Tilleke & Gibbins have been a sound and reliable counsel for us on Thailand-related regulatory matters. Their advice is generally well-reasoned and informed and they articulate the risks and reasons for their advice.’

Key clients

Bain Capital Private Equity


Chuwit Farm Co., Ltd.

First State Investments

INDEX International Group PCL

M&G Prudential

Merian Global Investors

Morgan Stanley

Weiss Asset Management

XTB International

Work highlights

  • Assisted INDEX International group PCL with a range of matters related to the proposed listing and IPO on the Thailand’s Market for Alternative Investments (MAI).
  • Acting as Thai and Cambodian legal counsel to a client on its secondary/dual listing of shares and securities on the Stock Exchange of Thailand (SET).
  • Retained to advise an asset manager on a range of complex regulatory matters related to securities and derivatives trading in the Thai capital markets.