Latham & Watkins Advises on Largest Ever Corporate IPO on the Stock Exchange of Thailand raising US$1.6 billion
Latham & Watkins represented Asset World Corp Public Company Limited in its initial public offering of ordinary shares on The Stock Exchange of Thailand. The initial public offering included a public offering in Thailand and a Rule 144A/Regulation S international offering. Priced at THB6 per share, the offering raised THB48 billion (approximately US$1.6 billion) and is the largest corporate IPO in Thailand to date.
Asset World Corp Public Company Limited, a member of TCC Group, is focused on real estate development and investments in hospitality, retail and commercial properties.
Bank of America Merrill Lynch, Morgan Stanley and UBS were the joint international bookrunners and lead managers for the offering. Bualuang Securities, Kasikorn Securities, Phatra Securities and SCB Securities were the joint domestic bookrunners and lead managers. Daiwa Capital Markets and Mizuho Securities Asia were the international co-managers. CGS-CIMB Securities (Thailand), Krungsri Securities, KTB Securities (Thailand), KT Zmico Securities, Maybank Kim Eng Securities (Thailand), TISCO Securities, Thanachart Securities, and UOB Kay Hian Securities were the domestic co-underwriters.
The Latham team was led by Hong Kong partner Posit Laohaphan and Singapore counsel Monsiree Jirasarunya, with Hong Kong associates Sirada Chayabunjonglerd and Eric Yiu. Advice was also provided on U.S. tax matters by New York partners Elena Romanova and Jiyeon Lee-Lim, and associate Amy Robertson; on corporate matters by Hong Kong partner Benjamin Carale and Singapore associate Kelly Teoh; on regulatory matters by Chicago associates Jina Yun and Jennifer Tian. Additional support was provided by Hong Kong senior paralegal Lily Mak, associate Christopher Lim, trainees Bianca Lee, Vivian Yeung and Ophelia Chan and Singapore trainee Aakash Sardana.