Rising Stars

Firms To Watch: Capital markets

With demonstrable expertise in handling capital markets work on both a domestic and international scale, MSC International Law Office Company Limited’s range of capabilities include IPOs, rights offerings and debt to equity conversion transaction.
Jointly led by Jirapong Sriwat and Apinya Sarntikasem, the team at SCL Nishimura & Asahi Ltd handles a broad range of capital markets transactions, including debt, equity and hybrid securities mandates, in addition to J-REITs.
Veeranuch Thammavaranucupt is a key contact in newly established TTT+Partners‘s capital markets practice, advising on a broad range of ECM and DCM mandates.

Capital markets in Thailand

Baker McKenzie LLP

Spearheaded by Komkrit Kietduriyakul, Viroj Piyawattanametha, Theppachol Kosol, Primyadar Duangrat and Benja Supannakul, Baker McKenzie LLP's capital markets practice fields a diverse practice across derivative and debt capital market transactions, as well as securities offerings, financial advice and cross-border financing. The firm is notably active in IPO and listing transactions, routinely entrusted by banks, issuers, institutions and governments. Kietduriyakul possesses a wealth of experience of derivatives, structured finance, project finance, capital markets and bankruptcy, while Piyawattanametha is demonstrably active in the debt equity capital market sphere. Kosol’s varied expertise encompasses infrastructure funds, equity capital markets and listing regulations, and Duangrat is well-versed in securities transactions. Supannakul bolsters the practice with her regulatory knowledge. Other key contacts in the team include Kowit Adireksombat and Pukkapol Khuntamanee.

Responsables de la pratique:

Komkrit Kietduriyakul; Viroj Piyawattanametha; Theppachol Kosol; Primyadar Duangrat; Benja Supannakul

Autres avocats clés:

Kowit Adireksombat; Pukkapol Khuntamanee

Principaux clients

Thai Life Insurance Public Company Limited

Betagro Public Company Limited

SCG Chemicals Public Company Limited

aCommerce Group Public Company Limited

SCG JWD Logistics Public Company Limited

Thai Oil Public Company Limited

Nomura Holdings, Inc

Srisawad Corporation Public Company Limited

The Bank of Nova Scotia

Minor International Public Company Limited

GC Treasury Center Company Limited

SCG Chemicals Public Company Limited

JWD InfoLogistics Public Company Limited

TMBThanachart Public Company Limited

CIMB Thai Bank Public Company Limited

TMB Asset Management Co., Ltd. and Thanachart Fund Management Co., Ltd. (Eastspring Asset Management (Thailand) Co., Ltd. (after amalgamation))

Krungthai Bank Public Company Limited

Krungthai Bank Public Company Limited

Krungthai Bank Public Company Limited

CIMB Thai Bank Public Company Limited

Principaux dossiers

  • Advised Capital Nomura Securities Public Company Limited, CGS-CIMB Securities (Thailand) Company Limited, Finansa Securities Limited, Kiatnakin Phatra Securities Public Company Limited Krungsri Securities Public Company Limited as well as Citigroup Global Markets Limited, Macquarie Capital Securities (Singapore) Pte. Limited and Merrill Lynch (Singapore) Pte. Ltd. as a Thai legal counsel in the initial public offering of 2,384,318,900 shares of Thai Life Insurance PCL under Regulation S and Rule 144A with a value of THB 37bn.
  • Advised Betagro Public Company Limited, as the issuer’s Thai law counsel on its IPO in Thailand and outside of Thailand under Regulation S and Rule 144A under the U.S. Securities Act. The IPO raised Bt 20bn (approximately, $530m), including the over-allotment portion.
  • Advised SCG JWD Logistics Public Company Limited (formerly known as JWD InfoLogistics Public Company Limited (JWD)), one of the largest logistics companies listed on the Stock Exchange of Thailand, on its merger transaction with SCG Logistics Management Co., Ltd. (SCGL), a subsidiary of Siam Cement Public Company Limited’s (SCC), by way of share swap, and private placement, with a transaction value of THB 19bn.


Linklaters has a particular presence in the equity-linked international market, routinely handling convertible and exchangeable bonds issued by Thai-listed companies. The team is capable of handling transactions involving private placement, public offerings and takeovers as well as antitrust issues. Joint practice head Wilailuk Okanurak is well known for her expertise across IPOs, rights offerings, placements of shares and various other issues, and co-head Pornpan Chayasuntorn is well-versed in structured deals, as well as handling both capital and debt market work. Counsel Paveen Khiewvichit's broad experience includes a multitude of debt and equity transactions.

Responsables de la pratique:

Wilailuk Okanurak; Pornpan Chayasuntorn

Autres avocats clés:

Paveen Khiewvichit

Principaux clients

Bangkok Bank Plc.

Bank of America Merrill Lynch

BSS Holdings Company Limited

Bualuang Securities Company Limited

Charoen Pokphand Foods Plc.

Charoen Pokphand Group Company Limited

CPF Global Food Solution Public Company Limited

C.P. Merchandising Company Limited

Credit Suisse

Bank of Ayudhya Public Company Limited

Gulf Energy Development Plc.

JP Morgan

Krungthai Securities

Merrill Lynch Far East Limited

Minor International Plc.

Morgan Stanley Asia Limited

Ngern Tid Lor Plc.

Osotspa Plc.

Kiatnakin Phatra Securities Plc.

The Siam Commercial Bank Plc.

SCB Asset Management

SCB Securities Co Ltd

Ares SSG Capital Management (Hong Kong) Limited

Standard Chartered Bank Plc.

True Corporation Plc.

The Hongkong and Shanghai Banking Corporation Limited


Principaux dossiers

  • Advised as underwriters’ counsel to Bualuang Securities Public Company Limited, Kiatnakin Phatra Securities Public Company Limited and Merrill Lynch (Singapore) Pte. Ltd. in connection with the Initial Public Offering (IPO) and listing on the Stock Exchange of Thailand of Betagro Public Company Limited.
  • Advising CPF Global Food Solution Public Company Limited on its potential IPO and listing of its shares on the Stock Exchange of Thailand.
  • Advising RATCH Group Public Company Limited as its counsel in relation to an offering by the Company of its newly issued shares to the existing shareholders of the Company in proportion to their respective shareholdings.

Siam Premier International Law Office Limited

Counting fund managers, investment banks, issuers and underwriters in its varied roster, Siam Premier International Law Office Limited fields a capital markets practice that includes domestic and cross-border IPOs, secondary offerings and capital raisings. Co-lead Kulkanist Khamsirivatchara‘s vast experience extends from securities and stock exchange laws to corporate and commercial law. Alongside Khamsirivatchara, Linda Osathaworanan and Saithip Mansri also lead the practice, the latter noted for her capabilities in IPO-related work. Maythawee Sarathai, who joined the practice from Hunton Andrews Kurth LLP in June 2022, focuses on foreign investments, while Kanokon Worachanyawong is active across numerous sectors, from aviation and manufacturing to hospitality.

Responsables de la pratique:

Kulkanist Khamsirivatchara; Linda Osathaworanan; Saithip Mansri

Autres avocats clés:

Maythawee Sarathai

Principaux clients

Loxley Public Company Limited

Krungthai Card PCL

Krungthai Car Rent and Lease Public Company Limited

Krungsri Ayudhaya Card Ltd.

Home Product Center Public Company Limited

Principaux dossiers

  • Assisting KTC with respect to placement-offering of long-term debentures and equity under Medium Term Note Program- at value of over $320m.
  • Assisting Krungsri Ayudhaya Card Ltd. with respect to placement-offering of long-term debentures and equity under Medium Term Note Program- at value of over $302m.
  • Assisting Home Product Center PCL with respect to placement-offering of long-term debentures and equity under Medium Term Note Program – at value of over $150m.

Tilleke & Gibbins

Joining the firm in January 2023 from Hunton Andrews Kurth LLP, Yaowarote Klinboon now leads the Tilleke & Gibbins team, bolstering the practice with her wealth of experience in securities offerings, among others. The team is routinely entrusted by a range of corporations and financial services firms to advise on debt and equity securities, IPO filings, funds and digital assets. Kobkit Thienpreecha acts for investment management funds, financial institutions, and cryptocurrency exchanges on a range of issues, while associate Karinevidch Olivero is active across banking and finance, media, retail, and real estate industries.

Responsables de la pratique:

Yaowarote Klinboon

Autres avocats clés:

Kobkit Thienpreecha; Karinevidch Olivero

Les références

‘Quick response, attention to detail, and availability are all attributes of the team.’

Principaux clients

Beryl 8 Plus PCL


FBS Markets Inc.

Federated Hermes Limited

Liberator Securities Co., Ltd.

Mirae Asset Global Investments

Morgan Stanley

NAGA Markets Europe Ltd.

Nation Group (Thailand) PCL

T.K.S. Technologies PCL

Principaux dossiers

  • Assisted a Thai pipe manufacturer and construction services provider on all legal aspects of its planned IPO and listing on Thailand’s Market for Alternative Investment (MAI).
  • Assisted T.K.S. Technologies PCL with the issuance of 115,000,000 newly issued ordinary shares to Sabuy Technology PCL via a private placement as one of the sources of funds for its acquisition of shares in Advanced Information Technology PCL.
  • Advised Nation Group (Thailand) PCL on the rights issue of 8,135,940,724 new shares and 2,711,980,241 units of the warrants as sweeteners to existing shareholders who subscribe for the rights issue shares.

Weerawong, Chinnavat & Partners

With a client roster that extends from public companies to financial institutions, Weerawong, Chinnavat & Partners regularly acts for clients on equity and debt instruments, public offerings and private placements, to name a few. Practice head Trinuch Chuenchomlada's experience encompasses IPOs and numerous securities law issues, while Weerawong Chittmittrapap is also active in the capital markets arena. Wittaya Kaewkungsadan is well-versed in debt and equity market transactions, and senior associate Jongtip Tangsripairoje, whose practice has particular strengths in debt market offerings, is another key contact in the group.

Responsables de la pratique:

Trinuch Chuenchomlada

Autres avocats clés:

Weerawong Chittmittrapap; Wittaya Kaewkungsadan; Jongtip Tangsripairoje

Principaux clients

aCommerce Group PLC

Jasmine International PLC

CPN Retail Growth Leasehold Property Fund

Asset World PCL

True Properties

Origin Property PCL

Britania PCL

Ananda Development PLC

BTS Group Holdings PCL

Kerry Express PCL

Bangkok Airways PCL

Asia Aviation PCL

J&T Express Thailand

Big C Retail Corporation Public Company Limited

SCG Cement-Building Materials Company Limited

DXN Holdings Bhd.

OISHI Group Public Company Limited

Sri Trang Gloves (Thailand) Public Company Limited

Toa Paint (Thailand) Public Company Limited

Deestone Corporation PLC

Thai Beverage PCL

BeerCo Limited

KCG Corporation PLC

AAS Auto Service Co., Ltd.

Pilatus Marine PLC

Tanachira Retail Corporation Co., Ltd.

Siam Commercial Bank

Credit Suisse

Macquarie Bank

Bangkok Bank

Krungthai Asset Management

Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, ING Bank N.V., Singapore Branch

BNP Paribas, Citigroup Global Markets Inc., Standard Chartered Bank

The Hongkong and Shanghai Banking Corporation Limited

UBS AG (Hong Kong) Credit Guarantee and Investment Facility (Asian Development Bank)

Hunton Andrews Kurth LLP

Routinely operating for its blue chip client base, Hunton Andrews Kurth LLP's capabilities encompass IPOs, rights offerings, warrant issues and bond offerings. Stephen Bennett leads the practice with particular strengths in handling M&A transactions, recently handling structured bonds, the issue and sale of derivative warrants, as well as a crowdfunding licence for clients. Yaowarote Klinboon departed in January 2023 to join Tilleke & Gibbins.

Responsables de la pratique:

Stephen Bennett

Principaux clients

International Finance Corporation

DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH

JPMorgan Chase & Co.

Banpu North America Corporation

Thai AirAsia Company Limited

Nation Multimedia Group Public Company Limited

Aqua Corporation Public Company Limited

AQ Estate Public Company Limited

Prime Road Power Public Company Limited

Power Solution Technologies Public Company Limited

Beryl 8 Plus Company Limited

Sabuy Technology Public Company Limited

Supamitr General Hospital Public Company Limited

United Power of Asia Public Company Limited

Principaux dossiers

  • Advised IFC and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), as subscribers and purchasers, for 5-Year Green Bonds, 7-Year Green Bonds and 10-Year Green Bonds for the aggregate face value of $150m to be issued by B.Grimm Power Public Company Limited.
  • Advised IFC, as subscriber and purchaser, in respect of its subscription for Thailand’s first “blue” bond to be issued by TMBThanachart Bank Public Company Limited for an aggregate face value of $50m.
  • Advised Thai AirAsia Company Limited as issuer in connection with the issuance of Baht 2 billion of secured bonds with an annual coupon rate of 6.80% and a tenor of 2 years to Institutional Investors and High Net Worth Individuals in May 2022.

Kudun & Partners

A team that is active across a broad range of industries, from manufacturing to telecoms, Kudun & Partners counts issuers, underwriters and placement agents among its key roster of clients. The team regularly undertakes IPOs, securitisation, hedge funds and private equity funds for these clients. Praised as 'exceptionally outstanding and knowledgeable', the practice is jointly led by Kudun Sukhumananda, who possesses expertise in M&A, IPOs, debt securities offerings and stock exchange listings, and Kom Vachiravarakarn, who is particularly active across manufacturing, energy and real estate sectors, among others.

Responsables de la pratique:

Kudun Sukhumananda; Kom Vachiravarakarn

Autres avocats clés:

Thitawan Thanasombatpaisarn

Les références

‘Kudun has a smart group of lawyers. They use very innovative solutions to help achieve our goals. We have used other global firms but the KAP team is exceptionally outstanding and knowledgeable in handling capital markets and acquisition transactions.’

‘The way they structure the deal is done in a very smart way. Kudun is an outstanding lawyer and knows immediately what we are looking for.’

‘Very good value for the fees that we are charged.’

Principaux clients

Thanulux Public Company Limited

Saha Pathana Inter-Holding Public Company Limited

Yong Concrete Public Company Limited

Polynet Public Company Limited

ReadyPlanet Public Company Limited

Health Empire Corporation Public Company Limited

Nusasiri Public Company Limited

King Gen Public Company Limited

Wow Factor Public Company Limited

Taokaenoi Food & Marketing Public Company Limited

Nirvana Daii Public Company Limited

Bluebik Group Public Company Limited

Ichitan Group Public Company Limited

SGF Capital Public Company Limited

Principaux dossiers

  • Represented Thanulux Public Company Limited (TNL) as the lead counsel on a complex restructuring and expansion of its investment involving five reputable listed companies including Saha Pathana Inter-Holding, BTS Group Holdings, Noble Development, and Rabbit Holdings (formerly known as U City) with a total value of THB 8.8 billion.
  • Advised Saha Pathana Inter-Holding Public Company Limited (Saha Group) on the acquisition of approximately 41.81 percent of the total issued shares of Thanulux Public Company Limited.
  • Advised Yong Concrete Public Company Limited, one of the largest manufacturers and distributors of precast and ready-mixed concrete products in central and western Thailand, with respect to its IPO.

The Capital Law Office Limited

Jointly helmed by Chatri Trakulmanenate, Paradorn Leosakul, Patraporn Milindasuta and Haruethai Boonklomjit, the 'strong team' at The Capital Law Office Limited advises clients on equity-linked products and debt instruments. Praised for its 'hands-on approach', the practice is also active across a diverse array of sectors, from energy and retail to petrochemicals and healthcare.

Responsables de la pratique:

Chatri Trakulmanenate; Paradon Leosakul; Patraporn Milindasuta; Haruethai Boonklomjit

Les références

‘Capital Law Office is a medium-sized firm whose strength stems from the quality of their highly selective partners.’

‘The hands-on approach together with the ability of partners to collaborate effectively was very crucial to an effective outcome.’

‘Paradon Leosakul has deep knowledge of capital market.’

Principaux clients

Super Energy Corporation Public Company Limited

Samart Aviation Public Company Limited

D.T.C. Enterprise Public Company Limited

Asia Medical and Agricultural Laboratory and Research Center Public Company Limited

Aurora Design Public Company Limited

Thai Eastern Group Holdings Public Company Limited

Shareholding and management restructuring of Finansia Syrus Securities Public Company Limited

Moshi Retails Corporation Public Company Limited

MEB Corporation Public Company Limited

P.S.P. Specialties Public Company Limited

Raimon Land Public Company Limited

Principaux dossiers

  • Advised Asian Network International Company Limited on its IPO on the SEC, which includes its foreign subsidiaries in seven countries.
  • Advised Samart Aviation Public Company Limited in its spin off and in listing its Cambodian subsidiary engaging in air controlled services on the Thai SET which will be listing of first Cambodian company on the SET.