NAME: Thai Life Insurance’s $1 billion IPO
LAW FIRM: Weerawong C&P
JURISDICTION: Thailand
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Insurance
Thai Life Insurance’s $1 billion IPO is our deal of the month for August.
Weerawong C&P has advised Meiji Yasuda Life Insurance Company, a substantial minority shareholder with a 15% stake in Thai Life Insurance, on Thai Life Insurance’s $1 billion IPO on the Stock Exchange of Thailand. This offering marks the largest IPO in Southeast Asia in 2022 to date.
Thai Life Insurance shares began trading on 25 July, where the firm and two of its major shareholders sold a total of 2.32 billion shares to both domestic and international investors. With this offering, Thai Life Insurance will look to undergo a digital transformation and strengthen its partnership channels and working capital.
Founded in 1942, Thai Life Insurance is the very first Thai insurance company and is currently Thailand’s third largest life insurer.
The Weerawong C&P team was led by senior partner Veeranuch Thammavaranucupt and counsel James Lawden. The underwriters were advised by Baker McKenzie, while the joint international bookrunners, joint domestic bookrunners and domestic co-underwriters were advised by Latham & Watkins.
The Weerawong C&P team was led by senior partner Veeranuch Thammavaranucupt and counsel James Lawden. The underwriters were advised by Baker McKenzie, while the joint international bookrunners, joint domestic bookrunners and domestic co-underwriters were advised by Latham & Watkins.