Firm advises on the largest corporate IPO in Thailand in over a decade.

Latham & Watkins represented the international bookrunners and Thai underwriters in the initial public offering of the ordinary shares of Gulf Energy Development Public Company Limited on The Stock Exchange of Thailand. Priced at THB45 per share, the top of the indicative price range, the offering raised THB23.5 billion (approximately US$704.7 million) and is the largest corporate IPO in Thailand in over a decade. Gulf Energy Development Public Company Limited is one of Thailand's largest private power producers, with an installed capacity of over 4,772.1 MW, with plans to add another 6,353.6 MW of capacity to its existing portfolio by 2024.

Bank of America Merrill Lynch and UBS were the international bookrunners for the offering. Bualuang Securities, Kasikorn Securities and SCB Securities were the Thai underwriters.

Latham has acted on the two largest IPOs both in 2016 and 2017, previously advising on the IPO of Banpu Power Public Company Limited, which was Thailand’s largest IPO in 2016.

Hong Kong corporate partner Posit Laohaphan commented, “We are honored to have advised on Gulf Energy Development’s landmark offering, the country’s biggest corporate IPO in more than ten years and one of the largest in Southeast Asia. The transaction further strengthens our reputation as one of the go-to law firms for international capital markets transactions involving Thailand.”

The Latham & Watkins team was led by Hong Kong corporate partner Posit Laohaphan with corporate associates Eric Yiu and Diana Dizon.