Malaysian glove maker Harps Holdings weighs $500m IPO

Photo by Drew Hays on Unsplash

Malaysian glovemaker Harps Holdings Sdn. is weighing an initial public offering in Kuala Lumpur to raise about $500 million, according to people with knowledge of the matter.

The company is working with advisers on the potential first-time share sale, which could take place as soon as the first half of next year, the people said. Harps is seeking a listing on the back of strong demand for gloves during the coronavirus pandemic, said the people, who asked not to be named as the information is private.

Malaysian stocks have rallied more than 30% from their March low as the Covid-19 outbreak boosted demand for medical gloves and hence shares of their manufacturers, several of which are listed in the country. Top Glove Corp., the world’s biggest glove maker, rose more than six-fold this year, while Supermax Corp. surged more than 1,500%.

Harps bought lightweight nitrile examination glove maker Central Medicare Sdn. in 2015, according to the unit’s website. Central Medicare operates 24 double-former production lines that contribute to a total monthly output of 590 million units of gloves.

Political and economic uncertainties have slowed the IPO activity in Malaysia. Companies have raised $70.7 million through first-time share sales so far this year, the lowest in more than a decade, according to data compiled by Bloomberg.

Deliberations on the potential IPO are at an early stage and details including size and timeline could still change, the people said. A representative for Harps Holdings didn’t immediately respond to requests for comment.

Bloomberg

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.