Leading Associates

Firms To Watch: Capital markets

Thanathip & Partners Legal Counsellors Limited‘s group was bolstered in April 2025 with the arrivals of corporate, M&A and capital markets specialists Issariya Vimonrat and Sakkarin Ruamrangsri.
Wise Equity Legal Counsel Limited was established in July 2024 with the arrival of its team co-leads Karinevidch Olivero, Yaowarote Klinboon and Phatamol Phisitbuntoon.

Capital markets in Thailand

A&O Shearman

A&O Shearman's well established team has notable strength in complex capital markets matters. Suparerk Auychai is a corporate finance, M&A and capital markets specialist whose workload includes securities-related issues, privatisation matters, and the range of general commercial issues. Noparat Kaewsringarm brings deep expertise advising foreign and domestic investors on their investments into the Thai market; IPOs, secondary offerings and tender offers are all areas of experience of Kaewsringarm. The pair co-helm the practice alongside Sarah Wilson. ‘Trusted advisor with deep industry knowledge and experience’ Anchalee Limviriyalers is also noted for her banking and capital markets expertise.

Responsables de la pratique:

Suparerk Auychai; Noparat Kaewsringarm; Sarah Wilson


Autres avocats clés:

Anchalee Limviriyalers; Arthit Hemara; Vitita Subhawat


Les références

‘They worked seamlessly with various teams across our organisation.’

‘Anchalee Limviriyalers is our trusted advisor with deep industry knowledge and experience.’

‘The team’s strengths are: their focus and attention to clients, their commercial viewpoint when delivering legal advices, and thorough analysis and advice.’

Principaux clients

Maybank Securities Pte. Ltd.


CGS-CIMB Securities


Bualuang Securities Public Company Limited


WHA Industrial Development Public Company Limited


Kasikorn Securities Public Company Limited


Kiatnakin Phatra Securities Public Company Limited


InnovestX Securities Co., Ltd.


UBS AG’s Singapore Branch


J.P. Morgan Chase & Co


International Finance Corporation


Credit Guarantee and Investment Facility


TMBThanachart Bank Public Company Limited


Bank of Ayudhya Public Company Limited


BofA Securities, Inc.


Bangkok Bank Public Company Limited


United Overseas Bank Public Company Limited


Principaux dossiers


Baker McKenzie LLP

The team at Baker McKenzie LLP provides ‘sharp and effective advice‘ to well-known international banks, public companies and sponsors. Examples of the team’s workload includes advising on the offering of shares in IPOs and assisting clients with stock exchange listings. Kowit Adireksombat is experienced handling both debt and equity capital markets cases for key clients, while Pukkapol Khuntamanee has expertise in securities regulation, capital markets and corporate work. At the helm of the team are Komkrit KietduriyakulViroj Piyawattanametha who regularly advise across the power, infrastructure, and automobile sectors, Theppachol Kosol and Primyadar Duangrat who both specialise in securities and capital markets work, and Benja Supannakul who focuses on structured finance and wealth management.

Responsables de la pratique:

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


Autres avocats clés:

Kelvin Pao; Julaphan Nimkarn; Sujade Simthamnimit; Kowit Adireksombat; Pukkapol Khuntamanee


Les références

‘Well-equipped and experienced in both legal and commercial knowledge. Practical and effective. Also, they have a broad ranging network so it is more or less a one-stop service for clients, which is very useful for us.’

‘Each of the team members working with us, they are full of compassion to deliver results to clients, pay attention to every detail, provide sharp and effective advice and all of it coming with the service mindset. Kelvin Pao, Primyarda Duangrat and Julaphan Nimkarn are noteworthy.’

‘Baker McKenzie has a large pool of resources, and they can arrange the team’s composition to fit well with different client’s characteristics.’

Principaux clients

ThaiNamthip Corporation Public Company Limited


Ascend Money Co., Ltd.


SCB X Public Company Limited


Vayupak Fund 1


CPN Retail Growth Leasehold REIT


Siam City Cement Public Company Limited


Sunrise Equity Co., Ltd


Bangkok Bank Public Company Limited


Bank of Ayudhya Public Company Limited


Krung Thai Bank Public Company Limited


Standard Chartered Bank


Minor International Public Company Limited


Chaosua Foods Industry Public Company Limited


Kasikorn Asset Management Company Limited


Kiatnakin Phatra Securities Public Company Limited


Krungthai Bank Public Company Limited


CIMB Thai Bank Public Company Limited


Principaux dossiers


  • Advised ThaiNamthip Corporation Public Company Limited (« TNCC »), as the issuer’s Thai law counsel for the offering of ordinary shares in TNCC in the initial public offering (IPO) in Thailand.
  • Advised Bank of America and Kiatnakin Phatra Securities Public Company Limited as a Thai legal counsel in the IPO of shares of Frasers Property Industrial Holdings Pte. Ltd.
  • Advised Synphaet Co., Ltd. as the issuer’s Thai law counsel for the offering of ordinary shares in TNT in the initial public offering (IPO) in Thailand.

Linklaters

The group at Linklaters is well-placed to assist its clients with matters ranging from the issuance of overseas exchangeable bonds, to IPO proposals, to the listing and sale of shares on the Stock Exchange of Thailand. Debt and equity capital markets transactions are central to the team’s workload, and are areas of expertise of ‘highly trusted adviser’ and team head Pornpan Chayasuntorn. Paveen Khiewvichit is also recommended, bringing experience in exchange and securities-related regulatory work. Wilailuk Okanurak has expertise assisting clients with IPOs, rights offerings, share placements and more. ‘Respected leader in the legal field’ Chanon Amornthatri is also a key practitioner.

Responsables de la pratique:

Pornpan Chayasuntorn


Autres avocats clés:

Paveen Khiewvichit; Wilailuk Okanurak; Chanon Amornthatri


Les références

‘Linklaters is a market leader.’

‘The firm has consolidated its business really well, and its individuals there are really strong. It has a combination of deep transactional experience, commercial insight, and a strategic, client-first mindset.’

‘The firm brings together legal experts, regulatory advisors, and industry specialists to make sure clients get well-rounded advice.’

Principaux clients

Delta International Holding Limited B.V.


International Finance Corporation


Gulf Energy Development Public Company Limited


Principaux dossiers


  • Advised Delta International Holding Limited B.V. in relation to the issuance of $525m overseas exchangeable bonds by DIH.
  • Advised International Finance Corporation on its $50m investment in a gender-inclusive social bond issued by Muangthai Capital Public Company Limited (MTC).
  • Advise Gulf Energy Development Public Company Limited (GULF) on their strategic amalgamation with Intouch Holdings Public Company Limited (INTUCH).

MSC International Law Office Company Limited

Boutique capital markets and securitisation firm MSC International Law Office Company Limited's group has well-established capabilities to advise on the full range of commercial matters in both domestic and cross-jurisdictional contexts. Its workload includes advising on IPO listings, capital increases, investments and restructurings of considerable value. Sawita Suwansawat helms the offering and harnesses experience in complex equity transactions and IPOs, amongst other issues. Nattaya Tantirangsi is also notable for her debt and equity, and M&A expertise.

Responsables de la pratique:

Sawita Suwansawat


Autres avocats clés:

Nattaya Tantirangsi; Tirayu Songdacha


Principaux clients

Advance Web Service Public Company Limited


Bangkok Asset Intergroup Public Company Limited


Clover Power Public Company Limited


Cpanel Public Company Limited


DHouse Pattana Public Company Limited


KJ Technical Services Sdn. Bhd.


Movefast Public Company Limited


N.C. Housing Public Company Limited


N.D. Rubber Company Limited


NR Instant Produce Company Limited


Peerapat Technology Public Company Limited


Primo Service Solution Public Company Limited


Pueantae Capital Company Limited


Rhom Bho Property Public Company Limited


Right Tunnelling Public Company Limited


Sabuy Technology Public Company Limited


Sino Logistics Corporation Public Company Limited


TBN Corporation Public Company Limited


TQR Public Company Limited


Winnergy Medical Public Company Limited


Villa Kunalai Public Limited


Principaux dossiers


  • Represented Bangkok Asset Intergroup Public Company Limited in connection with the legal due diligence and the initial public offering of its shares domestically, and the subsequent listing of such shares on the market for alternative investment.
  • Represented KJTS Group Berhad in connection with the initial public offering and listing on the ACE Market of Bursa Malaysia.
  • Represented N.D. Rubber Public Company Limited in connection with a capital increase by means of issuing 110,000,000 newly-issued ordinary shares.

Siam Premier International Law Office Limited

The cohort at Siam Premier International Law Office Limited is well-equipped to assist its clients on matters including the issuance, filing and placement of high-value debentures, and on a range of shareholdings and asset management issues. Corporate, commercial and corporate finance matters are all key areas of focus for Linda Osathaworanan, while foreign investment in Thailand is a specialism of Maythawee Sarathai. Tassanu Chutikanon has expertise spanning insurance, M&A, disputes and complex commercial agreements, and Saithip Mansri has experience in corporate and M&A cases. The four oversee the offering. Kulkanist Khamsirivatchara retired from the team in 2025.

Responsables de la pratique:

Linda Osathaworanan; Maythawee Sarathai; Tassanu Chutikanon; Saithip Mansri


Autres avocats clés:

Kulkanist Khamsirivatchara


Principaux clients

Krungthai Card PCL


Knight Club Capital Asset Management Public Company Limited


AP Public Company Limited


KrungsriAyudhya Card Co., Ltd.


Ayudhya Capital Auto Lease PLC


Knight Club Capital Asset Management Public Company Limited


Principaux dossiers


  • Represented Krungthai Card PCL with respect to the Filing Base of Medium-Term Note Program (MTN), worth approximately THB 66.4m.
  • Represented KrungsriAyudhya Card Co., Ltd. with respect to placement-offering of long-term debentures and equity worth approximately $106m.
  • Represented Knight Club Capital Asset Management PCL in the issuance of Debentures No. 1/2567 (2024) worth approximately $15m.

Tilleke & Gibbins

The group at Tilleke & Gibbins is considered ‘one of the best practices in Thailand’ by clients. Advising on corporate governance, and various aspects of significant corporate transactions are both key elements of the team’s workload, as is debenture-related work. The team was bolstered in October 2024 with the arrivals of new team co-lead Patcharaporn Pootranon who has expertise in capital markets, corporate and M&A and tax matters, and Veerakorn Samranweth. Further changes to the team include the July 2024 departures of Karinevidch Olivero and Phatamol Phisitbuntoon. Pootranon co-leads alongside Kobkit Thienpreecha.

Responsables de la pratique:

Patcharaporn Pootranon; Kobkit Thienpreecha


Autres avocats clés:

Niti Muangkote


Les références

‘I consider that their team is one of the best practices in Thailand. The team is very knowledgeable and responsive. They are fully aware of the needs of international banks.’

‘Niti Muangkote is very helpful; he is the leading team member.’

‘The team is very responsive and professional.’

Principaux clients

Global Consumer Public Company Limited


Triton Holding Public Company Limited


Chuwit Farm Public Company Limited


Thai Air Asia Company Limited


Asia Pacific Potash Corporation Company Limited


Ethereum Asia Pacific Limited


Tether Operations Limited


Gravity Team Ltd.


Orbix Investment Company Limited


SEI Medical PCL


Principaux dossiers


  • Advised Global Consumer Public Company Limited (GLOCON) on corporate governance matters and transaction documentation related to its acquisition of assets in the skincare business for THB 150m from the subsidiary of Triton Holding Public Company Limited.
  • Retained by Chuwit Farm PCL’s key shareholders from the initial planning stages of the transaction all the way through to the successful IPO and listing on the MAI.
  • Assisted the client in the issuance and offering of high-risk secured and callable debentures.

Weerawong, Chinnavat & Partners

The team at Weerawong, Chinnavat & Partners is well-regarded for its ‘vast experience in capital markets’, with a workload that features matters from bond debt restructurings, to group reorganisations and significant acquisition transactions. Wittaya Kaewkungsadan is well-equipped to handle both equity and debt capital markets work in both domestic and cross-jurisdictional contexts. Karwkungsadan helms the practice alongside Trinuch Chuenchomlada who is experienced handling the full remit of corporate governance and capital markets cases, and Pratumporn Somboonpoonpol whose areas of sector expertise include banking, energy and real estate.

Responsables de la pratique:

Wittaya Kaewkungsadan; Trinuch Chuenchomlada; Pratumporn Somboonpoonpol


Autres avocats clés:

Jongtip Tangsripairoje


Les références

‘The team possesses strong technical understanding of Thai securities laws and has vast experience in Thai capital markets. They are willing to go the extra mile to provide well-rounded advice.’

‘Partners are hands-on, knowledgeable and the team goes the extra mile to ensure projects run smoothly.’

‘Trinuch Chuenchomlada seeks to understand clients, the situation and to assist where possible.’

Principaux clients

Swift Energy Technology, Berhad


Food Moments Public Company Limited


S.F. Holding Co., Ltd.


A.J. Plast Public Company Limited


Indara Insurance Public Company Limited


Energy Absolute Public Company Limited


Asset World Corp Public Company Limited


Chandler Mori Hamada Limited

Chandler Mori Hamada Limited‘s group is well-placed to assist its roster of clients on high-value matters involving debt securities and bond transactions and issuances, including sustainability-linked and digital bonds. Doungporn Prasertsomsuk heads up the offering, bringing expertise on debt and equity capital markets transactions, securitisations and infrastructure funds. Prasertsomsuk leads alongside Tananan Thammakiat who is experienced handling REIT, real estate and M&A cases.

Responsables de la pratique:

Doungporn Prasertsomsuk; Tananan Thammakiat


Autres avocats clés:

Worapan Wuttisarn; Onpreeya Pimol


Les références

‘Solid expertise on complicated deals and structured deals so they can provide relevant and useful legal advice.’

‘Provide straightforward and forward-looking legal advice which is useful for our decision-making.’

‘Worapan Wuttisarn and Onpreeya Pimol have expertise in their area.’

Principaux clients

Advanced Info Service Public Company Limited


Bangkok Bank


Bank of Ayudhya


Bank of America


CIMB Thai Bank Public Company Limited


Export-Import Bank of Thailand


Gulf Energy Development Public Company Limited


Government Savings Bank


HSBC


J.P. Morgan & Co Inc.


Kasikornbank


Krungthai Bank Public Company Limited


Muangthai Capital Public Company Limited


PTT Exploration and Production Public Company Limited


Standard Chartered


Thai Union Group PCL


Twin Pine Group


UBS Singapore


UOB Thailand


Principaux dossiers


  • Advised PTT as the issuer of Thailand’s first Q-Bond.
  • Advised the client on its conversion from its Freehold and Leasehold Property Fund (LPF) to the Axtra Future City Freehold and Leasehold Real Estate Investment Trust (AXTRART).
  • Advised the client, in its capacity as the sole lead arranger, on the issuance of guaranteed sustainability-linked bonds by Precious Shipping Public Company Limited (PSL).

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP‘s team is experienced advising clients in corporate transaction, M&A, banking and finance, and financial services matters, amongst others. Co-lead Stephen Bennett advises an array of clients from local to multinational. Somruetai Noppornprom leads alongside Bennett, and has expertise in capital markets and cross-border M&A work in various industry sectors, including TMT.

Responsables de la pratique:

Stephen Bennett; Somruetai Noppornprom


Autres avocats clés:

Supajit Koosittiphon


Principaux clients

International Finance Corporation


JPMorgan Chase Bank, N.A.


JPMorgan Securities


Blackstone Inc.


Ares Management Corporation


Banpu Next Company Limited


Blackstone Tactical Opportunities Advisors L.L.C


Tencent Holdings Limited


Tencent Music Entertainment


Deutsche Bank AG


Deutsche Investitions- und Entwicklungsgesellschaft mbH


Kasikornbank Public Company Limited


Principaux dossiers


  • Advising Blackstone Inc. in respect of the issue and offer of fund units in Blackstone Real Estate Income Trust through a Thai feeder fund.
  • Represented Banpu North America Corporation as the sponsor and major shareholder of BKV Corporation in connection with BKV’s IPO and listing of certain of its shares on the New York Stock Exchange.
  • Acting as international legal counsel to International Finance Corporation and Deutsche Investitions- und Entwicklungsgesellschaft mbH providing financing through a bond subscription.

Kudun & Partners

The group at Kudun & Partners harnesses ‘extensive experience in handling various high-profile transactions’ and is co-headed by capital markets and securities expert Kudun Sukhumananda, who is experienced with IPOs, debt security offerings and listings on the Thai Stock Exchange. Sukhumananda co-leads alongside Kom Vachiravarakarn who assists with the full range of transactional work. The ‘exceptional’ Thitawan Thanasombatpaisarn is also recommended for her considerable securities and regulatory expertise.

Responsables de la pratique:

Kudun Sukhumananda; Kom Vachiravarakarn


Autres avocats clés:

Thitawan Thanasombatpaisarn


Les références

‘Kudun & Partners have a great team with experts covering all outstanding issues. They always have answers/solutions for any issues raised.’

‘Kudan Sukhumananda and Thitawan Thanasombatpaisarn are among great alliances whom I am honoured to have had an opportunity to work with. Key strengths are their extensive knowledge in what they are doing and their reliable and trustworthy advice.’

‘Kudun & Partners consistently offers practical solutions, exhibits remarkable legal expertise and possesses a strong ability for execution. I appreciate that they offer a very fair price while still providing services expected of an international law firm.’

Principaux clients

Inspire IVF Public Company Limited


MPJ Group Public Company Limited


Interroyal Engineering Public Company Limited


TRC Construction Public Company Limited


Maguro Group Public Company Limited


Nusasiri Public Company Limited


Raimon Land Public Company Limited


SGF Capital Public Company Limited


Pattra House and Property Public Company Limited


CPT Drives and Power Public Company Limited


Principaux dossiers


  • Represented the client in a landmark cross-border acquisition of a 52.16% stake in CPT Drives and Power PCL.
  • Advised the client on its strategic acquisition of a 28.61% stake in People’s Garment Public Company Limited.
  • Advised the client on its successful IPO and listing on the Market for Alternative Investment.

The Capital Law Office Limited

The Capital Law Office Limited's cohort is experienced assisting with matters ranging from listings on the Thai Stock Exchange, to the issuance of high-value debentures. Debt and equity transactions are the specialist area of Patraporn MilindasutaChatri Trakulmanenate is experienced in handling complex cross-border restructurings, and Paradorn Leosakul‘s areas of expertise include advising on IPO strategy and equity fundraisings. The three oversee the practice.

Responsables de la pratique:

Patraporn Milindasuta; Chatri Trakulmanenate; Paradorn Leosakul


Autres avocats clés:

Choladda Busabong; Patcharanon Bumroongsook; Haruethai Boonklomjit


Les références

‘Their expertise and willingness to assist the client is why we employed them for so many years.’

‘We have worked with Choladda Busabong and Chatri Trakulmanenate for quite some time. Their expertise and willingness to assist the client are what attracts us to continue to employ them.’

‘An experienced and well-connected team who help to resolve issues for clients.’

Principaux clients

Bank of Ayudhya Public Company Limited


Stella X Public Company Limited


True Money Company Limited


Super Energy Public Company Limited


Pluk Phak Praw Rak Mae Public Company Limited


Nakornthon Hospital Public Company Limited


Boonthavorn Retail Corporation Public Company Limited


GMM Music Public Company Limited


Posh Medica Lifetech Company Limited


Principaux dossiers


  • Advising Pluk Phak Praw Rak Mae Public Company Limited on its THB 1.065 billion IPO and listing on the Stock Exchange of Thailand.
  • Advised Super Energy Public Company Limited on the establishment of a THB 9bn Medium-Term Note Program and the public issuance of two series of unsecured, unsubordinated debentures under the program.
  • Advising Stella X Public Company Limited on its THB 5.36bn preferential public offering of shares with warrants to existing shareholders.

TTT+Partners

TTT+Partners‘ team is adept at assisting with such matters as high-value debt issuances, debenture matters, IPO structuring and strategic restructurings. The ‘outstanding’ Veeranuch Thammavaranucupt spearheads the group and has particular abilities advising on high-profile capital markets transactions, as well as on a range of regulatory issues. Infrastructure funds, IPOs and M&A transactions are key features of October 2024 arrival Kongkoch Yongsavasdikul‘s workload.

Responsables de la pratique:

Veeranuch Thammavaranucupt


Autres avocats clés:

Kongkoch Yongsavasdikul; Arnut Pongprueksa


Les références

‘I fully trust their legal advice and they have been very prompt and reliable in supporting their clients’ needs.’

‘The firm comprises partners with significant experience who are focused on providing commercially viable advice.’

‘Veeranuch Thammavaranucupt is my go-to partner at the firm and her experience, patience and solutions-oriented approach makes her one of my trusted legal advisors in Thailand.’

Principaux clients

Thai Beverage Public Company Limited


Bangkok Insurance Plc


Credit Guarantee and Investment Facility


Safe Fertility Group Public Company Limited


PTT Exploration and Production Public Company Limited


MR. D.I.Y. Co., Ltd.


Pro Inside Co., Ltd.


Park Court Living Company Limited


Principaux dossiers


  • Advised Thai Beverage Public Company Limited (ThaiBev) on the successful establishment of its $2bn multicurrency debt issuance program.
  • Advised the client on its IPO and successful listing on the Market for Alternative Investment (MAI) in Thailand, including the offering of 140,000,000 ordinary shares.
  • Advised Park Court Living Company Limited on the issuance of THB-denominated debentures secured by a mortgage over 35 condominium units and an escrow arrangement for rental income.