Shearman & Sterling advised Star Petroleum Refining Public Company Limited (“SPRC”), the Thai refining unit of Chevron Corporation, in connection with a THB 12.9 billion (US$363 million) initial public offering and listing on the Stock Exchange of Thailand, which included an international offering in reliance on Rule 144A and Regulation S.
PTT Public Company Limited was the selling shareholder and has retained a small stake in the company, while Chevron Corporation remained as the majority shareholder.
Bank of America Merrill Lynch and Morgan Stanley & Co. International plc were the international underwriters of the offering.
Shearman & Sterling’s Asia capital markets team has a successful track record advising on high-profile Thailand IPO offerings, including our recent representation of the underwriters in Jasmine Broadband Internet Infrastructure Fund’s US$1.685 billion IPO, which marked the first major Thailand IPO in 2015. We also advised the underwriters in Bangkok Airways’ US$450 million IPO in 2014.
The Shearman & Sterling team was led by partner Matthew Bersani (Hong Kong-Capital Markets), with support from counsel Hae-Ran Song and associate David Wallace (Hong Kong-Capital Markets).