Financial services

Supporting the continual growth of one of Thailand’s largest insurers

Macquarie Capital acted as international joint bookrunner on Thai Life Insurance PCL's (Thai Life) $US972 million initial public offering (IPO) on the Stock Exchange of Thailand.

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Sector Financial services
Sub-sector Insurance
Location Thailand


Thai Life is the first Thai insurance company and Thailand’s largest domestically founded insurer operated by Thai nationals.1

Established in Bangkok over 75 years ago, it has become a widely recognised brand, and the country’s second-largest insurer by total premium revenues, which represented 14.7 per cent of the industry in 2021.2

In 2022, Thai Life listed on the Stock Exchange of Thailand, using the raised funds to inject $US397 million into supporting the continual development and growth of the business, including digital transformation, marketing, fortifying partnership channels, and strengthening capital and working capital.


Macquarie Capital secured two cornerstone investors, including GIC’s c.$US164m cornerstone investment, which provided significant early deal momentum and price leadership for the transaction.

We were responsible for 79 per cent of total allocations in the international cornerstone tranche and delivered the largest cornerstone demand.

During the bookbuilding process, we introduced unique long-only investors and leveraged our strong sales platform, securing sizeable anchor orders from investors across the globe. We successfully facilitated more than 60 non-deal roadshows (NDRs) and roadshow meetings covering institutional investors across Hong Kong, Singapore, Malaysia, Thailand, the US, and the UK, enhancing market awareness of Thai Life’s equity story.


With a deal size of $US972 million, Thai Life’s IPO is a landmark transaction in Thailand – it is the largest ever insurance IPO to date in Southeast Asia, and the region’s third-largest financial institutions group IPO.

Despite a volatile market environment, the international book was well oversubscribed with strong support from high quality long-only investors and hedge funds in the bookbuilding process.

Macquarie securing the largest cornerstone for Thai Life's IPO highlights our ability to deliver as an IPO underwriter and support our clients’ needs through raising equity capital."

Jack Yee
Head of Asia Equity Capital Markets

$US972 million

Deal size

79 per cent

Macquarie is responsible for in total allocations

1. According to Thai Life Assurance Association, based on total premium revenues in 2020, 2021 and 1Q2022.
2. According to Thai Life Assurance Association.

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