Allen & Overy has advised a Thai property fund owned by British supermarket operator Tesco PLC on its initial public offering on the Stock Exchange of Thailand.

Tesco Lotus Retail Growth Freehold and Leasehold Property Fund raised $600 million in the offering. Tesco Lotus–originally a joint venture between Tesco and Bangkok conglomerate Charoen Pokphand Group, which sold most of its shares in 2003–operates hypermarkets in Thailand, Cambodia, and China. The listing will help the issuer fund its expansion in Thailand.

The IPO is Thailand’s largest since 2006, when oil processing company Rayong Refinery Public Co. Ltd. raised $720 million in its stock market debut.

“The [Tesco Lotus] IPO comes as Thailand is still recovering from last year’s floods which severely damaged exports and domestic demand. Despite the economic effects of the floods for Thailand, we have pulled through and the largest property fund IPO in Thailand to date has been successfully launched,” said Allen & Overy’s lead partner, Bangkok-based Suparerk Auychai, in a statement. “This demonstrates the desire of the parties involved to make sure this listing was successful and provides a promising sign for Thailand’s economy.”

Auychai worked with Allen & Overy Hong Kong partner James Grandolfo as well as lawyers in the firm’s Singapore office. The firm has previously advised Tesco on deals including a $70 million renminbi-denominated ‘dim sum’ bond issue last August.

The underwriters–Phatra Securities Public Co. Ltd.; Bank of America Merrill Lynch; Nomura Holdings, Inc.; and The Royal Bank of Scotland PLC [Editor's note: RBS owns a minority stake in ALM Media, LLC, the parent company of The Asian Lawyer]–turned to Shearman & Sterling Hong Kong partner Matthew Bersani as international counsel and Bangkok law firm Weerawong, Chinnavat & Peangpanor as Thai counsel.