Deal Announcements

  • Weerawong, Chinnavat & Peangpanor advised on the establishment and offering of the BTS Rail Mass Transit Growth Infrastructure Fund, the largest IPO in Thailand to date
  •  
    Weerawong, Chinnavat & Peangpanor Ltd. (Weerawong C&P) represented Bangkok Mass Transit System Plc. (BTSC), the concessionaire that operates the sky train system in Bangkok, and its parent company BTS Group Holdings Plc. (BTSG), on the establishment and initial public offering (IPO) of the investment units of BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) in Thailand and internationally. With an offering size of USD 2.1 billion (approximately THB 62.5 billion), BTSGIF is Thailand’s biggest IPO ever, and is the third largest IPO globally in 2013. BTSGIF units commenced trading on the Stock Exchange of Thailand on 19 April 2013.
     
    The underlying assets transferred by BTSC to BTSGIF are net farebox revenue for the remaining period of 17 years of the Concession Agreement granted by the Bangkok Metropolitan Administration. BTSG has provided BTSGIF a support and guarantee of the performance of BTSC and also subscribed for one-third of the units.
     
    The offering received a strong response from local investors in Thailand and institutional investors around the world. Despite the current economic malaise in many global markets, BTSGIF had almost 56,900 subscription applications from General Subscribers (retail investors), totaling approximately THB 16 billion, considered to be the highest number of subscription applications in an equity IPO to retail investors in Thailand. BBL Asset Management is the management company for BTSGIF, while Phatra Securities acted as the sole domestic book runner, and Morgan Stanley & Co. International, and UBS AG (Hong Kong Branch) were joint international book runners.
     
    The project, led by Peangpanor Boonklum, Partner, involved practice expertise in capital markets, general corporate work, mergers and acquisitions, and banking and finance. Key members of the project team included Associates: Kom Vachiravarakarn, Karnpitcha Kongkiattiwong, Jongtip Tangsripairoje, Kongkoch Yongsavasdikul, Pratumporn Somboonpoonpol, and Pariyapol Kamolsilp.

     
© 2009-2022 WEERAWONG C&P. All rights reserved. Privacy Notice | Contact us