Thai Life Insurance has raised THB36.21 billion (USD1 billion) from its IPO, the largest on the Stock Exchange of Thailand this year. The insurer and two of its major shareholders sold a combined total of 2.32 billion shares at a final offer price of THB16 each to domestic and international investors.
Latham & Watkins represented joint international bookrunners, joint domestic bookrunners, and domestic co-underwriters, while Baker McKenzie advised the underwriters. The Latham team was led by Hong Kong partner Posit Laohaphan with Singapore associates Sirada Chayabunjonglerd and Cher Lin Chin. The Washington-based team assisted on regulatory matters was led by partner Eric Volkman, supported by associate Matthew Gregory.
Thai Life shares started trading on the Stock Exchange of Thailand on 25 July. Thai Life plans to spend around USD380 million from fresh funds for its digital transformation, online distribution channel and other investments.