Linklaters advises Ngern Tid Lor Public Company Limited on Thailand’s largest IPO in the finance and securities sector
Linklaters advised Ngern Tid Lor Public Company Limited (TIDLOR), an affiliate of Bank of Ayudhya Public Company Limited (Bank of Ayudhya), on its initial public offering (IPO) and listing of its shares on the Stock Exchange of Thailand. The transaction represents the largest IPO in the finance and securities sector and consumer finance sector in Thailand. It is also the fifth largest IPO in the history of the Thai equity capital market.
The transaction consisted of:
- the issuance and offering of 210,816,700 newly issued ordinary shares by TIDLOR
- the offer and sale of 284,144,300 and 412,467,600 existing ordinary shares by Bank of Ayudhya and Siam Asia Credit Access Pte. Ltd. (Siam Asia Credit Access), respectively
- the over-allotment of 136,114,200 ordinary shares to investors in Thailand and concurrently to eligible investors outside Thailand.
In connection with the IPO, the firm also advised Siam Asia Credit Access and Bank of Ayudhya, who are major shareholders of TIDLOR, on the sale of a certain portion of their existing shares in TIDLOR, as mentioned above.
The Linklaters team was led by partners Pornpan Chayasuntorn, Hyung Ahn and Pichitpon Eammongkolchai, with support from senior associates, Paveen Khiewvichit, Chanon Amornthatri and Songtham Pingsuthiwong, and senior US associate Joseph Wolpin.
Partner Pornpan Chayasuntorn commented:
“Linklaters has worked on the development of some of the highest profile transactions in Thailand. This transaction involved complicated structures and we are pleased to have had the opportunity to support TIDLOR, Bank of Ayudhya and Siam Asia Credit Access and deliver the best in class service and best results for them on this matter.”