Primyadar Duangrat

Dr. Primyadar Duangrat

Baker & McKenzie Limited Attorneys at Law


Dr. Primyadar Duangrat is a member of the Firm's Financial Services practice in Bangkok. She focuses on domestic and international capital markets and securitization, domestic and international mergers and acquisitions, corporate restructuring, corporate governance, securities, and other corporate and commercial related laws. She also advises on family business governance.

Practice Focus

Dr. Primyadar's practice covers a variety of securities transactions and all types of capital market instruments. These include fund raising, listing on Thai and foreign stock exchanges, domestic and international 144A and Regulation S initial public offering, private placement, and rights issues.

She also advises on laws related to domestic and offshore investments, M&A, joint ventures, corporate restructuring, due diligence investigations, commercial contracts, and general corporate and commercial matters.

Dr. Primyadar has substantial experience advising publicly-listed companies on corporate governance, regulatory and compliance issues as well as dealing with government agencies, such as the Stock Exchange of Thailand (SET) and the Securities & Exchange Commission (SEC).

Representative Legal Matters

  • Acting for Ticon Industrial Connection, one of Thailand's leaders in industrial property solutions, in its private placement of newly issued shares valuing at THB 13.33 billion allocated for its strategic investor in compliance with Thai listing rules.
  • Acting for Star Petroleum Refining, one of the leading producers of petroleum products in Thailand, in its initial public offering of new shares and an offering in reliance on Rule 144A and Regulation S. Star Petroleum’s IPO offered 1.4 billion shares valued at approximately THB 13 billion. The IPO was the largest IPO by market capitalization in the Thai energy sector over the past decade and was also awarded the Capital Markets, Deal of the Year 2016: Equity by Asian Lawyer Emerging Market Awards.
  • Acting for Carabao Group and its major shareholders in its initial public offering and an offering in reliance on Regulation S. The IPO was structured as a holding company and offered 250 million shares valued at approximately THB 7 billion and was named “Deal of Southeast Asia 2014” by Alpha Southeast Asia in 2014.
  • Acting for Thai Airways in relation to the public offering of new ordinary shares issued by THAI and the sale of existing shares by the Ministry of Finance to investors under Rule 144A and Regulation S.
  • Acting for Esso on its international IPO and the listing of its shares on the SET, in tandem with a global offering to institutional investors. Esso raised THB 9.3 billion from its IPO. It was the biggest deal in Southeast Asia in 2008, and was also named Best Thailand Deal at the Finance Asia Achievement Awards in 2008.
  • Acting for Charoen Pokphand Foods in its subscription and acquisition of shares in SuperDrob S.A., Poland's leading poultry producer, and further setting up a new joint venture arrangement worth up to EUR 200 million.
  • Acting for Boon Rawd Group in the acquisition of a USD 1.1 billion stake in Masan Group, a Vietnamese food, beverage, and brewery conglomerate, and whereby Masan Holdings is listed on the Vietnam stock exchange, the deal is the largest M&A deal ever in Vietnam up to date and this deal was also awarded the M&A Deal of the Year 2016: Equity by Asian Lawyer Emerging Market Awards.
  • Acting for CP All in an acquisition financing related to its majority stake in Siam Makro, the operator of Makro cash-and-carry stores in Thailand, SHV Nederland, one of the world's largest trading groups. The USD 6.6 billion deal involved acquisition financing in the form of a bridge loan from multiple Thai and international financial institutions.
  • Acting for Charoen Pokphand Foods in their USD 96 million acquisition of a swine producer in Russia, Norway, and Denmark, involving various share purchase agreements and shareholders' agreements with major shareholders, private equity funds, tender offer process from minority shareholders, and convertible loans.
  • Acting for PTT in the USD 5.5 billion merger of PTT Chemical and PTT Aromatics and Refining to form PTT Global Chemical Plc, the largest company in the SET of Thailand petrochemical sector by market capitalization.

Professional Associations and Memberships

  • Chulalongkorn University - Visiting Lecturer, Faculty of Law
  • Law Society of Thailand - Member
  • Thai Bar Association - Member
  • University of Oxford - Research Fellow, Oxford Financial Research Centre, Saïd Business School
  • University of Oxford - Legal Researcher, Wolfson College, the Centre for Socio-Legal Studies


  • Thailand (2014)


  • University of Oxford (D.Phil. Law) (2006)
  • University of Oxford (Master of Studies Distinction) (2003)
  • Harvard University (LL.M.) (2000)
  • Chulalongkorn University (LL.B. Honors) (1998)


  • English
  • Thai


Author, “New Amendments to the Securities and Exchange Act: A Call for Increased Corporate Governance of Publicly Listed Companies,” Baker McKenzie

Author, "New Rules for Connected Transactions," Baker McKenzie

Author, "The Public Limited Companies Act (No. 2) B.E. 2544," Baker McKenzie


Lecturer, "Business Organizations and Management" module, Chulalongkorn University, Faculty of Law for LL.M. program

Lecturer, "Law on Business Planning" module, Chulalongkorn University, Faculty of Law for LL.M. program