World’s biggest rubber glove maker to raise up to US$1.9 billion in Hong Kong listing as coronavirus boosts demand
- Malaysia’s Top Glove plans to issue 1.49 billion new shares as part of Hong Kong listing
- Company already listed in Malaysia, Singapore
Top Glove, the world’s biggest maker of rubber gloves, said on Friday that it plans to raise as much as US$1.9 billion in a long-expected primary dual listing in Hong Kong.
The Malaysian company plans to issue 1.49 billion new shares at a price to be set later, raising up to HK$14.9 billion if an overallotment of shares is fully exercised. The company, which has seen demand for its disposable gloves soar during the coronavirus pandemic, is already listed in Malaysia and Singapore.
The offering would consist of a Hong Kong retail tranche and an international placing of new Top Glove shares. The company said it would file additional listing documents with the Hong Kong stock exchange at a later date.
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