February 22, 2021
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.