Allen & Overy advised Morgan Stanley & Co. International plc and Bualuang Securities PLC on the establishment and initial public offering of Jasmine Broadband Internet Infrastructure Fund (JASIF).

The IPO raised Baht 55,000 million (USD1.685 billion), making it one of the largest IPOs in Thailand since 2014.  BBL Asset Management Company acts as the management company of JASIF.  Jasmine International PLC (Jasmine), a major player in high-speed internet industry in Thailand with almost 30% market share with over 1.6 million subscribers nationwide, is the sponsor to JASIF.  JASIF has used the IPO proceeds to buy a total of 980,000 core kilometers of optical fiber cables from Triple T Broadband PLC, a subsidiary of Jasmine.

Allen & Overy also advised Standard Chartered Bank (Thai) PLC as the escrow agent in connection with the IPO of JASIF.

Commenting, Allen & Overy partner Suparerk Auychai  said:  “We are pleased to advise Morgan Stanley and Bualuang Securities on this remarkable transaction. This significant IPO comes as competition in the Thai broadband industry has been increasing.  The broadband penetration in Thailand is relatively low, compared to other Asian countries like Singapore, Hong Kong and South Korea.  Therefore, this successful IPO provides a promising sign that the broadband industry in Thailand will continue to grow for years to come.  Our role in this important transaction has demonstrated once again our strong capability in capital markets and our commitment to be at the forefront of infrastructure development in Thailand.”

The Allen & Overy deal team was led by Bangkok partner Suparerk Auychai and Bangkok counsel Anchalee Limviriyalers and included senior associate Koonlacha Charungkit-anant and associates Peerajit Chanmolee and Purita Thanachoksopon.   Bangkok counsel Akrapol Pichedvanichok and associate Paveen Khiewvichit advised Standard Chartered Bank as the escrow agent.