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Latham & Watkins Advises on Thai Life Insurance’s US$1 Billion IPO

July 26, 2022
Transaction represents the largest IPO in Southeast Asia to date in 2022.

Thai Life Insurance, one of Asia’s largest life insurers, has successfully undertaken a THB37.1 billion (US$1 billion) initial public offering on the Stock Exchange of Thailand. The offering consisted of 2.3 billion ordinary shares at a final offer price of THB16 in a public offering in Thailand and a Rule 144A/Regulation S international offering, and represents the largest IPO in Southeast Asia to date this year.

Proceeds from the IPO will be invested to enhance Thai Life Insurance’s digital technology and marketing, and strengthen its partnership channels and working capital.

Latham & Watkins represented CIMB Investment Bank Berhad, Citigroup Global Markets Limited, Macquarie Capital Securities (Singapore) Pte. Limited, Merrill Lynch (Singapore) Pte. Ltd., and Nomura Singapore Limited as joint international bookrunners; Capital Nomura Securities Public Company Limited, CGS-CIMB Securities (Thailand) Company Limited, Finansa Securities Limited, Kiatnakin Phatra Securities Public Company Limited, and Krungsri Securities Public Company Limited as joint domestic bookrunners; and AIRA Securities Public Company Limited, Asia Plus Securities Company Limited, Bualuang Securities Public Company Limited, KGI Securities (Thailand) Public Company Limited, SCB Securities Company Limited, Thanachart Securities Public Company Limited, TISCO Securities Company Limited, and Yuanta Securities (Thailand) Company Limited as domestic co-underwriters.

The Latham team was led by Hong Kong partner Posit Laohaphan with Singapore associates Sirada Chayabunjonglerd and Cher Lin Chin. Advice was also provided on regulatory matters by Washington, D.C. partner Eric Volkman, with associate Matthew Gregory.