Bualuang Securities, a subsidiary of Thai major Bangkok Bank, had a solid equity capital markets business during Euromoney’s review period, leading the bookrunning league table via five deals for credits of $326.9 million, giving it a 17.16% share of the market, according to Dealogic.
Its claim to fame is thanks to some high-quality deals. These include the February 2024 listing of Thai Credit Bank, which at a size of $206 million is the largest IPO of the year so far. Another chunky deal was the $145 million December 2023 listing of SCG Decor, led by Bualuang as the sole bookrunner. The firm also worked on CPN Retail Growth Leasehold Reit’s $109 million fully marketed follow-on offering in April this year.
What makes Bualuang unique is that, despite high market volatility, its equities business did not falter, with the firm still bringing out deals.
It was the same on the advisory side. In 2023, Bualuang worked on the merger of the telecommunication operations of True and Dtac to create a telecom champion in Thailand.