Capital markets in Thailand

Allen & Overy (Thailand) Co, Ltd

Allen & Overy (Thailand) Co, Ltd covers the full range of equity capital markets transactions including IPOs, secondary offerings, block trades, and rights issues. Suparerk Auychai leads the team; his specialisms are in advising on securities-related law as well as privatisations with sector expertise in financial services, healthcare and insurance. Stephen Jaggs co-leads alongside Auychai and is noted for his banking expertise. Noparat Kaewsringarm handles both equity and debt capital market transactions while Doungporn Prasertsomsuk advises clients on local and cross-border debt and equity securities offerings.  

Practice head(s):

Suparerk Auychai; Stephen Jaggs

Key clients

Morgan Stanley

Bualuang Securities Public Company Limited

Phatra Securities Public Company Limited

Credit Suisse

UBS AG

JP Morgan

Kasikorn Securities Public Company Limited

Trinity Securities Company Limited

SCB Securities Company Limited

Bank of America Merrill Lynch

Finansa Securities Company Limited

BTS Rail Mass Transit Growth Infrastructure Fund

Bangkok Bank Public Company Limited

Bank of Ayudhya Public Company Limited

Ministry of Finance of the Lao People’s Democratic Republic

Thai Union Group Public Company Limited

EASY BUY Public Company Limited

Baker McKenzie LLP

Baker McKenzie LLP is highly active in the capital markets space; its work includes derivatives transactions and cross-border matters. The firm's industry expertise spans the  technology, manufacturing, transportation and healthcare sectors. The equity capital markets team is led by Kitipong Urapeepatanapong, who, alongside Theppachol Kosol and Thananan Sangnuan, advises on IPO's and domestic and international offerings. On the debt capital markets side expertise is provided by Viroj Piyawattanametha who acts for financial institutions, banks and securities companies in their capacity as underwriters.

Practice head(s):

Kitipong Urapeepatanapong

Key clients

S Hotels and Resorts Public Company Limited

InnoSpace (Thailand) Co., Ltd.

Kasikornbank Public Company Limited

MK Restaurant Group Public Company Limited

PTT Global Chemical Public Company Limited

Nexif Energy Management Pte. Ltd.

Energy Absolute Public Company Limited

TMB Bank Public Company Limited

Bangchak Corporation Public Company Limited

KT Restaurant Co., Ltd.

True Corporation Public Company Limited (TRUE)

HKL (Thai Developments) Limited

Charernkit Enterprise Co., Ltd.

Bank of Nova Scotia

Glow Energy Public Company Limited

Srisawad Corporation Public Company Limited

Work highlights

  • Acted as Thai legal counsels for KASIKORNBANK PUBLIC COMPANY LIMITED (KBank), through its Hong Kong Branch in its issuance of USD denominated subordinated notes with a USD 800 million principal amount under its euro medium term note program.
  • Advised S Hotels and Resorts Public Company Limited on its initial public offering of 1.437 million shares in the Stock Exchange of Thailand, with the value of THB 7.475 billion (approx. USD260 million).
  • Advised Global Power Synergy Public Company Limited, the major shareholder of Glow Energy Public Company Limited (holding 95.25% of the shares) in launching a tender offer with a total value of THB6.314 billion (approx. USD 203 million).

Linklaters

Linklaters's practice group covers the full spectrum of capital markets work. The team has, of late, worked on convertible bonds and exchangeable bonds issued by Thai-listed companies. Wilailuk Okanurak and Pornpan Chayasuntorn co- lead the team. Okanurak is experienced in a range of matters including work on IPOs, rights offerings, and placements of shares. Chayasuntorn manages both debt and equity capital markets work. The firm has been involved in some of Thailand's largest IPO's and is also able to advise on UK and US law through a global network of offices.

Testimonials

‘Linklaters is our go to firm for capital markets practice. The lawyers are experienced and highly personable. Solution centric approach makes it stand out from other firms.’

Key clients

Bangkok Bank Plc.

Bank of America Merrill Lynch

BTS Group Holdings Plc.

BSS Holdings Company Limited

Credit Suisse

CLSA Limited

Digital Telecommunications Infrastructure Fund

Gulf Energy Development Plc.

Merrill Lynch Far East Limited

Morgan Stanley Asia Limited

Osotspa Plc

Phatra Securities Plc.

Bualuang Securities Company Limited

Charoen Pokphand Foods Plc.

Chia Tai Enterprises International Limited

C.P. Pokphand Company Limited

Japan Bank for International Cooperation (JBIC)

Finansa Securities Limited

ING Bank NV

JP Morgan

Krungthai Securities

SCB Securities Co Ltd

The Siam Commercial Bank Plc.

SCB Asset Management

BBL Asset Management

SSG Capital Management (HK) Limited

Standard Chartered Bank

True Corporation Plc.

The Hongkong and Shanghai Banking Corporation Limited

UBS

Work highlights

  • Advising ING Bank N.V. in its subscription of a majority interest in TMB Bank Public Company Limited (TMB) as part of the business integration between TMB and Thanachart Bank Public Company Limited (TBank), leading commercial banks in Thailand (Merged Bank), and the entry into the shareholders’ agreement amongst ING Bank N.V. and other major shareholders of Merged Bank.
  • Advising the escrow agent on the THB 78bn IPO of Central Retail Corporation Public Company Limited – Thailand’s largest IPO.
  • Acted for the joint lead managers and dealers on the establishment of a US$3bn GMTN Program by PTTEP Treasury Center Company Limited and its subsequent drawdowns of US$650m 3.903% Guaranteed Senior Notes due 2059 and US$350m 2.993% Guaranteed Senior Notes due 2030.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners acts on a range of debt, equity and derivatives matters in the domestic and international markets for issuers, underwriters, investors and corporate trustees. The firm is active in international securities transactions as well as in the issuance of Thai financial instruments.Veeranuch Thammavaranucupt leads the team. Her broad expertise includes handling major offerings in the APAC region and advising on corporate restructuring and offering of shares under SEC regulations. Senior associate Trinuch Chuenchomlada has assisted on several matters in the real estate and consumer sectors.  

Practice head(s):

Veeranuch Thammavaranucupt

Other key lawyers:

Trinuch Chuenchomlada

Key clients

Asset World Public Company Limited

CPN Retail Growth Leasehold Property Fund

True Properties; Origin Property

BTS Group Holdings

TOA Paint; Do Day Dream; Zen Corporation

GIC Private

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

PTT Public Company Limited, PTT Exploration and Production 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 is active in asset-backed securities, real estate capital markets and specialty finance sectors. Stephen John Bennett, who co-leads the team, has  expertise in securities offerings and acquisition financing -  he has several decades of experience in the Thai market. Co-team head, counsel Yaowarote Klinboon provides advice on financial services and capital markets and securities. She works with 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

  • Advised JPMST, a subsidiary of JPMorgan Chase & Co., on its first derivative warrants issuance in Thailand with more than 700 derivative warrants issued and total offering value of more than US$300 million at the end of 2019.
  • Advised IFC on the US$220 million of subscription by IFC and DEG for Thailand’s first “women entrepreneurs” bond issued by Bank of Ayudhya Public Company Limited, the first “gender” bond issuance in the Asia-Pacific region.
  • Advised ACE, one of ASEAN’s leading renewable energy power producers on the issuance and listing of its IPO worth THB4.47 billion or approximately USD 147 million on the Stock Exchange of Thailand in November 2019.

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited's capital markets practice covers matters such as derivatives, financial regulation as well as IPOs and secondary offerings. Kulkanist Khamsirivatchara; Linda Osathaworanan are jointly leading the team. Together they provide expertise in securities and stock exchange laws and private company to public company conversion.  

Key clients

Nutrition Sc Company Limited

Cube Real Property Co., Ltd

Haadthip Public Company Limited

Kang Yong Electric Public Company Limited

Work highlights

  • Assisted Nutrition Sc Company Limited, the leading company in innovative foods ingredients and food additive solutions in preparing the documents in relation to a share swap.
  • Assisted Cube Real Property Co., Ltd in preparing the public auction shares of the company.
  • Assisted Haadthip Public Company Limited in providing legal advice and drafting master agreement of subscription of E-SOP shares, coordinating with SEC including providing relevant legal advice through the process.

Tilleke & Gibbins

Tilleke & Gibbins undertakes a diverse range of capital markets matters including securities regulatory matters, derivatives and financial restructuring. Head of the corporate and commercial group Kobkit Thienpreecha leads the team, providing expertise on investment funds and IPO's for domestic and internationally-based clients. Santhapat Periera, a banking and financing expert, co-leads the team and advises on all forms of financial instruments.

Key clients

Bain Capital Private Equity

BlackRock

Chuwit Farm Co., Ltd.

Clearstream Banking

First State Investments

M&G Prudential

Merian Global Investors

Morgan Stanley

Weiss Asset Management

XTB International

Work highlights

  • Advising a client on the first ever secondary listing application submitted to the SEC and SET in Thailand.
  • Assisted a major Thai chicken farm in the amalgamation of the client’s company and three other companies in the same group in advance of the amalgamated company’s planned IPO and listing on the SET.
  • Retained by a global investment banking and financial services company to provide regulatory advice on requirements and restrictions on the trading of currencies applicable to various forex (FX) trading models.