Baker McKenzie has advised the Thai government on the 44.7 billion baht ($1.4 billion) initial public offering of the Thailand Future Fund Infrastructure Fund, with Linklaters representing the underwriters and the initial purchasers and Latham & Watkins advising the Expressway Authority of Thailand (EXAT), which was the asset owner and operator. 

This is Thailand’s largest IPO since 2015, and Southeast Asia’s biggest this year. According to a report in Reuters, TFFIF’s aim is to invest in long-term projects including expressways or toll roads, railways, electricity generation and distribution, airports and deep seaports. 

The TFFIF deal is also unique in that it is the country's first fund-raising deal that enables public investors to invest in multiple public infrastructure assets operated by various state enterprises and government agencies in accordance with a new set of regulations issued specifically for this venture.

The bookrunners for the fund are J.P. Morgan Securities, Merrill Lynch, Phatra Securities, Finansa Securities and Krung Thai Bank.

The Baker McKenzie team was led by partners Kitipong Urapeepatanapong, Komkrit Kietduriyakul and Theppachol Kosol, who were supported by partner Kowit Adireksombat.

The Latham & Watkins team was led by Hong Kong corporate partner Posit Laohaphan.

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