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Investment Banking

Investment Banking & Advisory Services (IB&A)      

Maybank Securities (Thailand) Public Company Limited (The Company) is one of the leading providers of IB&A services in Thailand including financial advisory and securities underwriting services. The Company has rendered IB&A services through its professional financial advisory staffs with seasoned experience and proven track record in the field, and this has allowed us to provide high-quality IB&A services to our leading corporate clients in observance of regulatory requirements for a long time. This has created strong trust in our high-quality and professional IB&A services among our corporate clients. Our financial advisory services have covered many areas, all of which aim to assist our listed-and non-listed corporate clients to raise funds via the Stock Exchange of Thailand (SET) to support their business expansion.

The Company’s IB&A services include

1) Securities offering

2) M&A

3) Independent financial advisory

4) Debt & corporate restructurings

5) Other financial advisory.


Our securities underwriting services aim to assist our corporate clients in placing securities such as equity instruments, debt securities (bond and bill of exchange), infrastructure fund (IFF) and real estate investment trust (REIT). Prior to undertaking our underwriting services, the Company will take into account factors like business fundamentals of the securities issuers, prevalent money and capital market conditions, investment demand from target investors as well as our securities placing capabilities.

Track Record

Some description


 Some description


Listing Criteria

Listing Requirements




1. Company Status

Must be a public limited company, or
company established under a special law.

The same as the SET

2. Paid-up Capital after IPO
(in Millions of Baht)

>= 300 MB

Must be at least 20 MB, but less than 300 MB

3. Distribution of Minority 
- No. of Minority Shareholders*

- No. of Shares Held by Minority Shareholders

 >= 1,000

 >= 25% of paid-up cap 
(may be waived 1 year for the company with paid-up cap. >= 10,000 MB)

 >= 300

 >= 20 % of paid-up capital after IPO

4. Public Offering
- Approval

- No.of Shares to be Offered to the Public

- Offering Method


Must be granted an approval by the SEC

- For any companies with paid-up cap.< 500 MB., >= 15% of paid-up cap.
- For any companies with paid-up cap. >= 500 MB., >= 10% of paid-up cap or 75 MB., whichever is higher

Offered through an underwriter

The same as the SET

 >= 15 % of paid-up cap

The Same as the SET

5. Track Record and Market

- Track record: >= 3 years in operation 
- Same substantial management: >=1 year 
- Net profit: > 30 MB in the latest year and 2 or 3 most recent years profit of >=50 MB with accumulated profit for the submission year)

- Track record: >= 2 years in operation
- Same substantial management: >=1 year
- Net profit >0 in the latest year prior to listing


- Track record: >= 1 years in operation
- Same substantial management: >=1 year
- Market cap >=1,500 MB.

6. Financial Condition and 

- Stable financial condition and sufficient 
working capital 

- Shareholder's equity base of >= 300 MB


- The same as the SET

- Shareholder's equity base of >= 20 MB


7. Management
-Management and Control Persons

-Audit Committee

-Scope of the Audit Committee

-Independent Directors

- Qualifications should be in line with SEC regulations and should not posses any characteristics as prohibited by the SEC

- Appointed before listing

- Duties and responsibilities must be clearly defined as specified by the SEC

- No requirement. No need if already have 
audit committee

The same as the SET

8. Corporate Governance and
Internal Control

- Have good corporate governance 
practices and qualified audit committee

- Have effective auditing and internal 
control systems as specified by the SEC

The same as the SET

9. Conflicts of Interest

- No existing or potential conflict of interest

The same as the SET

10. Articles of Association

- Those of the listed companies as well as 
their subsidiaries must be in line with
the SEC& the SET rules and regulations. 

The same as the SET

11. Financial Statements and

- Have been prepared in accordance with SEC rules and regulations as well as Thai GAAP applied to public limited companies 

The same as the SET

12. Provident Fund

- Must be established prior to listing

The same as the SET

13. Financial Advisor

- Must be appointed prior to listing 

The same as the SET

Silent Period Requirement



Shareholders who are subject 
to silent period

Strategic Shareholders **

Number of shares subject 
to silent period

65 % of paid-up shares after the company’s public offering

Silent Period

1 year and 6 months from the first listing date. However, after 6 months, the shares subject to the silent period will be released 25% every 6 months.


* Minority shareholders mean persons who are not strategic shareholders. 
** By definition, strategic shareholders include:
- Government, SOE, Government Agencies
- Directors, managing directors and the company's top 4 managers
- Persons who hold more than 5% of paid-up capital after IPO, and
- Shareholders who are subject to silent period