Smart Glove picks Affin and RHB for RM1bil IPO

The initial public offering that could raise more than RM1bil (US$242mil), according to those familiar with the matter.

KUALA LUMPUR: Smart Glove Corp, a disposable glove maker in Malaysia, has selected Affin Hwang Investment Bank Bhd and RHB Bank Bhd for its planned initial public offering that could raise more than RM1bil (US$242mil), according to those familiar with the matter.

The offering could take place as soon as next year. 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 Bhd, 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 Covid-19 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 sources 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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