Linklaters advises Ngern Tid Lor Public Company Limited on Thailand’s Largest Financial and Securities IPO in Thailand

Linklaters advised Ngern Tid Lor Public Company Limited (TIDLOR), a subsidiary of Bank of Ayudhya Public Company Limited (Bank of Ayudhya), in connection with its initial public offering (IPO) and the listing of its shares on the Stock Exchange of Thailand. The transaction represents the largest IPO in the finance and securities industry and the consumer credit industry in Thailand. It is also the fifth-largest IPO in the history of the Thai equity market.

The operation consisted of:

1. the issuance and offering of 210,816,700 newly issued common shares by TIDLOR
2. the offer and sale of 284,144,300 and 412,467,600 existing ordinary shares by Bank of Ayudhya and Siam Asia Credit Access Pte. Ltd. (Siam Asia Credit Access), respectively
3. the over-allotment of 136,114,200 common shares to investors in Thailand and concurrently to eligible investors outside Thailand.

In connection with the IPO, the firm also advised Siam Asia Credit Access and Bank of Ayudhya, which are major shareholders of TIDLOR, in connection with the sale of a certain portion of their existing shares in TIDLOR, as mentioned above.

The Linklaters team was led by partners Pornpan Chayasuntorn, Hyung ahn and Pichitpon Eammongkolchai, with the support of senior partners, Paveen Khiewvichit, Chanon Amornthatri and Songtham Pingsuthiwong, and senior US partner Joseph Wolpin.

Partner Pornpan Chayasuntorn commented :

“Linklaters has worked on developing some of the hottest deals in Thailand. This transaction involved complicated structures and we are delighted to have had the opportunity to support TIDLOR, Bank of Ayudhya and Siam Asia Credit Access and provide them with the best service and results on this issue.