Smart Glove picks banks for US$242m IPO

Smart Glove Corp picked Affin Hwang Investment Bank Bhd. and RHB Bank Bhd. for the potential share sale.

KUALA LUMPUR: Smart Glove Corp., a disposable glove maker in Malaysia, has selected banks for its planned initial public offering that could raise more than 1 billion ringgit ($242 million), according to people familiar with the matter.

The company has picked Affin Hwang Investment Bank Bhd. and RHB Bank Bhd. for the potential share sale, the people said. The offering could take place as soon as next year, said the people, who asked not to be named as the matter is private.

Smart Glove could join its peers including Harps Holdings Sdn. in seeking listings in Malaysia, riding on investor enthusiasm for glove makers.

Shares of Top Glove Corp., the world’s largest glove manufacturer, have soared more than 400% this year on the back of surging demand for medical protective gear amid the coronavirus pandemic. The benchmark FTSE Bursa Malaysia KLCI Index has fallen about 5% in 2020.

The company makes gloves for the medical and food and beverage industries, among others, according to its website. Founded in 1994, it has operations in Malaysia and Indonesia.

Deliberations on the potential 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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