The firm represented Merrill Lynch and Morgan Stanley in the Rule 144A/Regulation S US$650 million initial public offering of Rayong Refinery Public Company Limited, one of Thailand's leading oil refiners and a wholly-owned unit of government-controlled oil and gas company PPT.

This is one of the largest IPOs ever out of Thailand.  The offering comprises approximately 1.4 billion shares to be listed on The Stock Exchange of Thailand including 699.5 million shares in the domestic public offering and 698 million shares in the international offering.

The Shearman & Sterling team included partner Matthew Bersani (HK-CM), counsel Gail Ong (SI-CM), associates Su-Ann Cheah (SI-CM) and Philip Yook (PA-CM) and legal assistant Derek Perriam (SI-CM).  The firm’s Menlo Park office advised on tax matters in relation to this transaction.