Shearman & Sterling is representing Morgan Stanley and Bualuang Securities as joint global coordinators in connection with a THB 55 billion (US$1.685 billion) initial public offering of investment units of Jasmine Broadband Internet Infrastructure Fund (“JASIF”) and listing on the Stock Exchange of Thailand (“SET”), including an international offering in reliance on Rule 144A and Regulation S. The initial public offering is the first major IPO in Thailand this year.

This deal was a complicated transaction involving various complex structuring and disclosure issues relating to the spin-off and subsequent sale-and-leaseback of the optical fiber cable assets from the sponsor’s broadband subsidiary to the fund.

JASIF will be Thailand’s second telecommunications infrastructure fund to be established under Thailand’s recent infrastructure fund regime with Jasmine International Public Company Limited (“Jasmine International PCL”) as its sponsor.

Jasmine International PCL, listed on SET, provides telecommunications services in Thailand and internationally.

The Shearman & Sterling team included partner Matthew Bersani (Hong Kong-Capital Markets), counsel Hae-Ran Song (Hong Kong-Capital Markets) and Leo Wong (Hong Kong-Capital Markets).