DLA Piper has completed its first IPO project with the successful listing in September of Moong Pattana International Public Company (MPI). The listing took place on the Market for Alternative Investment (MAI) established by the Stock Exchange of Thailand (SET) in 1998. DLA Piper advised that it was the only law firm to be instructed on the deal.

MPI is a distributor of consumer products, including mother-care and baby products and household products, and raised THB30 million. Asia Plus Securities Public Company was the underwriter on the offering and was advised by in-house counsel.

DLA Piper advised on Thai law issues relating to MPI’s conversion into a public company, including facilitating the IPO with respect to the SET, Office of the Securities and Exchange of Thailand, the Ministry of Commerce and other related authorities. Partner and head of the corporate practice of DLA Piper, Dr. Chanvitaya Suvarnapunya, has a well-established relationship with MPI, as the company has been his client for over 20 years.

The timing of this IPO was particularly important for the company given the uncertain economic climate. This was a challenge as the legal team had to return to due diligence and the prospectus several times as timing for the listing changed, said Dr. Suvarnapunya.

MPI will use the funds to expand its business and develop new brands in other industries. Dr. Suvarnapunya also anticipates that the company will raise further funds through another public offering of shares. “The economy is picking up,” he said. “This [IPO] is a good sign for things to come.”

DLA Piper is also busy advising another Thai company on its listing on a foreign stock exchange.

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