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Freshfields advises on SE Asia’s largest IPO of 2022 to date

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Meiji Yasuda Life Insurance Company (‘Meiji Yasuda’), a substantial minority shareholder in Thai Life Insurance Public Co. Ltd (‘Thai Life’), in relation to Thai Life’s approximately US$937m (approximately THB34.4bn) IPO on the Stock Exchange of Thailand.

The transaction marks South East Asia’s largest IPO in 2022 to date. The offering consisted of 2.3 billion ordinary shares, representing about 20 per cent of Thai Life’s total issued shares. Trading in the shares commenced on 25 July 2022.

Since Meiji Yasuda’s original investment in Thai Life in 2013, Meiji Yasuda has been a key strategic partner to Thai Life, holding a 15 per cent stake in the company. Meiji Yasuda has drawn on its years of experience and expertise to help Thai Life to increase its operational efficiencies – a key part of its goal of becoming more data-driven – and accelerate its digital transformation.

The Freshfields team advising on the transaction was led by partner Ed Cole and partner and Japan practice head Takeshi Nakao. They were supported by associate Hugh Goodwin. The team was ably assisted on Thai law aspects of the transaction by Thailand firm Weerawong, Chinnavat & Partners.