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Capital Markets

With nearly 30-year experience of our partners in capital and financial markets, we are very well placed to advise a broad range of Thai securities laws, including not only regulatory and compliance, but also a variety of equity and debt capital markets transactions and REITs. Our team has extensive experience as Thai counsels in a number of high profile concurrent equity domestic and international offerings under Rule 144A and Regulation S of U.S. Securities Act, including a number of ground breaking transactions in Thailand history. Apart from Thai, foreign and multinational corporations, our clients include both Thai and foreign investment banks and world leading PEs and offshore funds.

As part of our integrated services, we offer assistance to our clients who are publicly listed companies for their regulatory compliance and beyond Thailand foreign entities, banks, corporate and funds, wishing to offer securities in Thailand and ESOP for their group employees in Thailand.

Capital Markets Experiences

Equity Debt

Major Equity Capital transactions in which our lawyers have advised include the followings:

IPOs / POs

  • IPO and listing of Chase Asia, a provider of comprehensive lending, debt collection, and non-performing loan (NPL) management services

  • i-Tail Corporation: Initial Public Offering of 660,000,000 shares, considered to be the largest IPO in the food and beverage sector and the second-largest IPO of 2022 of the Thai capital market

  • IPO and listing by TDCX Inc., a provider of digital customer experience solutions, of American depositary shares representing Class A ordinary shares on the New York Stock Exchange

  • Clover Power: Initial Public Offering of 320,000,000 shares

  • Bangkok Commercial Asset Management: Initial Public Offering of 1,765,000,000 shares (including the Over-Allotment option) which is considered to be the largest IPO of financial group in Thailand as well as South East Asia. The deal was subsequently awarded the “Deal of the Year 2020” by the Stock Exchange of Thailand

  • SAAM Energy Development: Initial Public Offering of 80,000,000 shares

  • Banpu Power: a power flagship holding company of the Banpu Group, Baht 1.37 billion Initial Public Offering and listing on the SET, believed to be the largest IPO since 2014 and the largest market capitalisation since 2004

  • Symphony Communication: Initial Public Offering of 72,000,000 shares

  • Nation International Edutainment: Initial Public Offering of 15,000,000 shares

  • Nation Broadcasting Corporation: Initial Public Offering of 50,000,000 shares

  • Spin-off of the two principal subsidiaries, Nation Broadcasting Corporation and Nation International Edutainment, by Nation Multimedia Group

  • GMM Media: Public Offering of 7,744,500 Treasury Shares and Private Placement of up to 8,000,000 new shares

  • Shin Satellite: Public Offering of 208,000,000 new shares

  • Airports of Thailand: Initial Public Offering of 358,800,000 new shares, involving employee share offering just prior to the IPO, with an over-allotment option for up to 53,770,000

  • Thoresen Thai Agencies: International Placement of 30,000,000 new shares

  • Bangkok Bank: International and Domestic Public Offering of 384,349,800 new shares

  • Krung Thai Bank: Privatisation of Krung Thai Bank through the domestic public offering and international placement by Financial Institutions Development Fund of 3 billion Shares with an over-allotment option of 450 million shares

  • Initial Public Offerings of Symphony Communication, Nation Broadcasting Corporation and Nation International Edutainment

  • Bumrungrad Hospital: Placement to institutional investors of 42,857,142 shares of Bumrungrad Hospital issued following the conversion of Convertible Bonds by Bangkok Bank

  • CP Seven-Eleven: Sale of 6,500,000 shares in CP Seven-Eleven by Thaivest as part of an initial public offering by CP Seven-Eleven

  • Univentures: International offering of new shares

  • Krungthai Card: Domestic Public Offering of 51,000,000 new shares

  • Thai Union Frozen Products: Limited International Offering of up to 10,000,000 new shares

Equity Offerings

  • Rights offering of shares and warrants of Baht 29.6 billion by Banpu

  • 10% investment in Principal Capital, one of the leading players in Thailand’s healthcare industry, by RATCH Group under the General Mandate Scheme

  • Advising Christiani & Nielsen (Thai) on its capital increase by way of general mandate

  • Approximately Baht 12.85 billion Rights Offering of shares and warrants by Banpu

  • Rights Offerings of Baht 11 billion by Banpu Power

  • Right and warrant Offerings and a private placement of Power Solution Technologies

  • Right Offerings of Thai Industrial Engineering Services

  • Debt and Capital Restructures of G Steel and G J Steel

  • Recapitalisation of Nation Group, comprising Nation Multimedia Group, Nation Broadcasting and Nation International Edutainment

  • General Mandate by Bangkok Dusit Medical Services

  • General Madate by Principal Capital

Property Funds & REITS

  • Additional investment in Grand Centre Point Hotel Sukhumvit 55 and relevant fund raising through public offering by LH Hotel Leasehold Real Estate Investment Trust

  • LH Hotel Leasehold Real Estate Investment Trust: Initial public offerings and subsequent investment in Grande Centre Point Hotel Ratchadamri

  • L&H Property: Establishment and Initial Public Offering of 313,664,900 units of LH Hotel Leasehold Real Estate Investment Trust

  • L&H Property: Establishment and Initial Public Offering of 488,064,700 units of L&H Shopping Centers Real Estate Investment Trust

  • Central Pattana: Offering of 576,150,000 Units of CPN Retail Growth Leasehold Property Fund

  • Central Pattana: Initial Public Offering of 426,639,000 Units of CPN Commercial Growth Leasehold Property Fund

  • Quality Houses: Initial Public Offering of 336,000,000 units of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund

  • Land and Houses: Initial Public Offering 330,000,000 units of Land and Houses Freehold and Leasehold Property Fund

  • Central Pattana: Offering of 544,826,700 Units of CPN Retail Growth Leasehold Property Fund

  • Central Plaza Hotel: Initial Public Offering of 320,000,000 units of Centara Property Fund

  • Quality Houses: Initial Public Offering of 797,000,000 units of Quality Houses Property Fund

Block Trade

  • Block trade transaction by Credit Suisse (Singapore) of approximately 4.5% interest in IRPC held by the Government Pension Fund of Thailand

  • Block trade transaction by a group of shareholders of their shares in Sriracha Construction

  • Disposition by GE Capital of approximately 7.6% interest in Bank of Ayudhya through a block trade

  • Disposition by the Maleenont Family of approximately 5% interest in BEC World


  • Regularly assist BlueScope Steel and Telstra Corporation in connection with the post-offering obligations in Thailand of their respective global employee stock option plan


  • Advising Oaktree in connection with its investment as one of the cornerstone investors in the IPO and listing of Thai Life Insurance

  • Transfer of Stonehenge Inter’s listing from the Market for Alternative Investment board to the main board of the Stock Exchange of Thailand

  • Advising CS LoxInfo on a voluntary delisting of its securities from the SET

  • Listing by Weiye Holdings on the Hong Kong Stock Exchange (involved in relation to its Thai subsidiary)

  • Migration of securities issued by Apex International from Taiwan’s GreTai Securities Market to the Taiwan Stock Exchange (involved in relation to its Thai subsidiary)

  • Boyaa Interactive International: Initial Public Offering and Listing on the Hong Kong Stock Exchange

  • Bangchak Petroleum: Subscription of 80 million non-voting depository receipts representing newly issued shares