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Investment Banking

Performance from 2003 to present

In 2003, Phatra has successfully executed several major transactions and is now on the top of Thailand's league table with underwriting market share of over 80%. In October 2003 alone, Phatra completed 3 major equity deals, raising almost Baht 40 billion for our clients, namely Krung Thai Bank Plc., CP Seven-Eleven Plc. and Thai Olefins Plc. In November, Phatra completed a secondary public offering of Thai Airways International Plc. for a transaction size of Baht 22 billion.

In 2004, Phatra began the year with a completion of an initial public offering of Airports of Thailand (AOT)’s share sale in March. It was that year’s first state enterprise to be listed on the Stock Exchange of Thailand (SET). In October, Phatra completed Thaioil's IPO, the largest ever in Thailand. And we successfully ended the year with MCOT's IPO in November.

In 2005, while the market was deteriorating due to the rise of oil prices and unrest in Southern Thailand, Phatra was able to continuously execute a large transaction "Glow Energy PCL." and at the end of the year, Phatra Successfully completed anther IPO transaction in Property Sector; "Prueksa Real Estate"

In 2006, under an uncertainty of political situation and slow recovery of national economy, Phatra has continuously delivered the best effort and service through an extensive experience and expertise by executing the largest Thai company to list on Sigaporean Exchanges, "Thai Beverage PLC". Followed by "Rayong Refinery PCL", which was the largest equity offering in Thailand in 2 years, and is the third largest ever IPO in Thailand.

In 2007, the political uncertainty continues, and is compounded by volatility in the sub-prime market and global liquidity crunch. Under these trying circumstances, Phatra continues to maintain its market leadership. Our landmark transactions in this year include advising Bank of Ayudhya PCL in the Bt 17bn acquisition of GE Capital Auto Lease PCL from General Electric, and the recapitalization and acquisition of TMB Bank PCL by ING Group, which is worth more than Bt 37 bn. We also advised on two amalgamation transactions: as FA to Rayong Refinery PCL in the amalgamation with Aromatics Thai PCL, a transaction worth Bt 133,000 mm and as Central FA to the amalgamation between Muang Thai Insurance Co Ltd, and Phatra Insurance PCL, worth approximately Bt 5,000 mm. Even in adverse market situation, our productive year is a signal of the client's trust in Phatra to deliver results under most circumstances.

The year 2008 continued to be a volatile period for the Thai capital markets due to prolonged political and economic uncertainties as well as amidst vulnerable time of global financial market. Against this backfrop, Phatra continues to thrive. We demonstrated our strength in Thailand's capital markets by completing landmark transactions including the largest IPO in Southeast Asia year-to-date and the largest in thailand in the past 2 years; Esso (Thailand) PCL., with offering size of over Bt 9 bn. Transaction was undertaken in the middle of an economic crisis and negative market sentiment. Apart from equity offering, we also completed various notable M&A transactions including Tender Offering and Delisting of Advance Agro PCL., a successful strategic acquisition of Bangkok Dusit Medical Services PCL. and Ramkhamhaeng Hospital PCL. and Tender Offer of Oishi Group PCL. by Thai Beverage PCL. Lastly, we concluded our year 2008 with a successful divestiture of Financial Institutions Development Fund's stake in Bank Thai PCL.

The year 2009 continued to be a volatile period for the Thai capital markets due to prolonged political and economic uncertainties and impacts from global economic crisis. Against these backdrops, Phatra Securities Public Company Limited ("Phatra") continue to thrive. Despite slowdown in primary market activities and limited new issues, M&A activities surpassed and constituted for significant volume of capital market activities in the period. Through this period, Phatra continues to demonstrate its strengths and sucessfully delivered numerous landmark transactions, including the acquisition of AIG Consumer Finance operations in Thailand in April 2009 followed by the acquisition of GE Money Thailand's operations in July 2009 by the Bank of Ayudhya, and the acquisition of Muang Thai Life Assurance ("MTL"), through Muang Thai Group Holding ("MTGH"), by Kasikorn Bank ("KBANK") in November 2009.

Even though Thai economy made a remarkable recover and grew more than 10% in the first half of 2010, worsening political situation in the country dampened recovery in capital market activities. It was starting in the second half the market saw a recovery, with the stock exchange index increase to its highest level in 15 years. Investment banking activities become abundant. Phatra proved its leadership again by advising and underwriting the largest public offering from Thailand: the Baht 15 bn fund raising by Thai Airways International. Additionally, we also advised on four overnight share placements, including Pruksa Real Estate PCL., BEC World PCL., Ratchaburi Electricity Generating Holding PCL. and PTT Chemical PCL. Overall, Phatra led in equity transactions worth more than Bt 61.7 bn., making it the number one equity house in 2010. In terms of M&A transaction, Phatra did the Tanayong plc and Bangkok Mass Transit System Plc. which was a landmark domestic M&A transaction in 2010.

Aside from consistently proving our edge and delivering excellent results, we continue to build active pipeline to ensure even more thriving years ahead. We are confident that our outstanding performance is carried on in all market conditions and that we are well-positioned to identify and capture opportunities in a proactive manner.

Phatra's notable deals categorized by product are: