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Latham & Watkins Advises on Landmark US$1.8 Billion IPO by PTT Oil and Retail Business Public Company Limited

February 22, 2021
Cross-border team advises on largest ever corporate IPO in Thailand and the largest Southeast Asian Oil & Gas IPO since 2007.

PTT Oil and Retail Business Public Company Limited has successfully undertaken a US$1.8 billion IPO on the Stock Exchange of Thailand (SET). The deal is the largest IPO of an individual company listed on the SET, and featured both an domestic and international tranche. The deal was priced at the top of the estimated price range and drew more than the 500,000 subscriptions from retail investors, the highest ever booking by number of investors for an IPO on the SET.

The deal is a landmark transaction in Asia, as the largest ever corporate IPO in Thailand and the largest oil & gas IPO in Southeast Asia since 2007.

Latham represented J.P. Morgan Securities plc, Merrill Lynch (Singapore) Pte. Ltd., Morgan Stanley & Co. International plc, Bualuang Securities Public Company Limited, Kasikorn Securities Public Company Limited, Finansa Securities Limited, Kiatnakin Phatra Securities Public Company Limited and TISCO Securities Company Limited as joint global coordinators, bookrunners and lead managers.

The Latham deal team was led by Hong Kong partner Posit Laohaphan and Singapore counsel Monsiree Jirasarunya, with Hong Kong associate Sirada Chayabunjonglerd. Tax advice was provided by New York partner Elena Romanova and New York associate Amy Robertson. Hong Kong partner Benjamin Carale and Hong Kong associate Jay Watanatornpitak also provided assistance.

About Latham’s Thailand Practice:

With over two decades of experience advising on Thailand debt and equity capital markets transactions, Latham has gained recognition as one of the largest and most active Thailand practices with expertise based abroad among international law firms. The multi-award winning practice have advised on Thailand-related matters with a combined value in excess of US$17 billion since 2012.

About PTT Oil and Retail Business Public Company Limited:

PTT Oil and Retail Business Public Company Limited (PTTOR) is a state-owned enterprise that is the leading retail marketer of petroleum products sold through retail fuel service stations in Thailand and a leading retailer of coffee shops, food and beverage outlets and convenience stores in Thailand. In addition to its network of oil and non-oil retailing platforms within Thailand, PTTOR also operates its oil and non-oil retailing businesses outside of Thailand, primarily in the Philippines, Cambodia and Laos.