Deals of the year 2004: Innovation feeds yield-hungry buyers

Innovation on the part of issuers and their bankers along with robust risk appetite from investors shaped the capital markets in 2004.

Asia Latin America Emerging Europe Western Europe North America

Asia

Best equity deal

Thai Oil Public Company
Type of deal: Privatization IPO

Deal size: $704 million ($788 million post-greenshoe)

Date: October 2004

Joint international bookrunners: JPMorgan, Merrill Lynch, Morgan Stanley

Joint domestic bookrunners: Finansa, Phatra Securities, SCB Securities

As proof that biggest is not always the best, the award for Asia’s best equity deal in 2004 goes to the relatively modest Thai Oil offering, which was flawlessly executed by the company and bookrunners alike.

Last year was hardly a vintage one for IPOs in the region.

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