Thailand’s Gulf Development, led by the country’s richest man Sarath Ratanavadi, debuted on the stock exchange on Apr. 3 following the merger of Gulf Energy Development and Intouch Holdings Pcl.

The new entity opened with a market valuation of 736 billion baht (around US$21.4 billion), down 13% from the combined pre-merger value.

The stock opened at 49.75 baht (around US$1.45), rising 1% in early trading despite economic challenges, including a 36% US tariff and the aftermath of a 7.7-magnitude earthquake in Myanmar.

Gulf Development combines power, infrastructure, and LNG operations from Gulf Energy with telecom assets from Intouch Holdings, including a major stake in Advanced Info Service Pcl, Thailand’s second-largest mobile operator.

The merger is a key step in the billionaire’s strategy to expand into high-growth sectors such as AI and data centers, reinforcing his influence in Thailand’s economy.