PTT Oil and Retail Business Public Company Limited’s Initial Public Offering

Weerawong, Chinnavat & Partners Ltd. represented PTT Oil and Retail Business Public Company Limited on the deal, while Latham represented joint global coordinators, bookrunners and lead managers.PTT Oil and Retail Business Public Company Limited (OR) completed an initial public offering of its shares to domestic institutional and retail investors as well as international institutional investors under Rule 144A/Regulation S of the US Securities Act and the listing of its shares on the Stock Exchange of Thailand.

The size of OR’s IPO is approximately THB 54 billion, equivalent to USD 1.8 billion (including the offering of the over-allotment shares). Its shares were heavily over-subscribed by approximately 480,000 retail investors, the largest number of retail investors subscribing for shares in an IPO in the history of the Thai capital markets.

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 acted as joint global coordinators, bookrunners and lead managers.

The Weerawong C&P team led by Veeranuch Thammavaranucupt (Picture), Senior Partner, Trinuch Chuenchomlada, Partner and Wittaya Kaewkungsadan, Partner included associates Veerakorn Samranweth, Sompatsorn Liewpolvanit, Vijit Suthisripok and Wisitchai Phasuk.

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.

Involved fees earner: Benjamin Carale – Latham & Watkins; Sirada Chayabunjonglerd – Latham & Watkins; Monsiree Jirasarunya – Latham & Watkins; Posit Laohaphan – Latham & Watkins; Amy Robertson – Latham & Watkins; Elena Romanova – Latham & Watkins; Jirasin Watanatornpitak – Latham & Watkins; Trinuch Chuenchomlada – Weerawong Chinnavat & Peangpanor; Wittaya Kaewkungsadan – Weerawong Chinnavat & Peangpanor; Sompatsorn Liewpolvanit – Weerawong Chinnavat & Peangpanor; Wisitchai Phasuk – Weerawong Chinnavat & Peangpanor; Veerakorn Samranweth – Weerawong Chinnavat & Peangpanor; Vijit Suthisripok – Weerawong Chinnavat & Peangpanor; Veeranuch Thammavaranucupt – Weerawong Chinnavat & Peangpanor;

Law Firms: Latham & Watkins; Weerawong Chinnavat & Peangpanor;

Clients: Bualuang Securities; Finansa Securities; J.P. Morgan Securities LLC; Kasikorn Securities; Kiatnakin Phatra Securities; Merrill Lynch Singapore; Morgan Stanley; PTT Oil and Retail Business Public Company Limited ; TISCO Securities;

Author: Sonia Carcano