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KUALA LUMPUR: Smart Glove Corp., a maker of disposable gloves in Malaysia, has selected banks for its planned initial public offering that could raise more than RM 1 billion ($ 242 million), according to people familiar with the matter.
The company chose Affin Hwang Investment Bank Bhd. And RHB Bank Bhd. For the possible sale of shares, the people said. The offering could take place next year, said the people, who asked not to be identified as the matter is private.
Smart Glove could join its peers, including Harps Holdings Sdn. in the search for quotes in Malaysia, thanks to the enthusiasm of investors for glove manufacturers.
Shares of Top Glove Corp., the world’s largest glove maker, have soared more than 400% this year due to rising demand for medical protective equipment amid the coronavirus pandemic. The benchmark FTSE Bursa Malaysia KLCI index has fallen by around 5% in 2020.
The company makes gloves for the medical, food and beverage industries, among others, according to its website. Founded in 1994, it has operations in Malaysia and Indonesia.
Deliberations on the possible IPO are at an early stage and details, including size and timing, could still change, the people said. Representatives for Affin Hwang and RHB Bank declined to comment. A representative for Smart Glove did not immediately respond to requests for comment. – Bloomberg
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