Thai glove-maker plans IPO to fund rapid expansion plans

Finansa, the financial advisers to STGT, said the interest shown by investors in the IPO had exceeded expectations.
Varah Sucharitakul, Finansa executive director, said that the stock price will be finalised on Monday (June 22), before STGT is listed on the SET next month.
He said that STGT was a strong corporation, which grew at around 10 to 12 per cent per year and the glove industry had gained from the Covid-19 situation.
STGT chief executive officer Jarinya Jirojkul said that the corporation aimed to increase its production, selling channels and manufacturing capacity, in order to grow more.
She said STGT's production has been increasing consistently since 2017. Total production has doubled from 15 billion pieces a year to 30 billion, with a target to hit 50 billion in 2024 and 100 billion in 2032.
The CEO said that STGT planned to sell its products in underdeveloped countries where the average use of rubber gloves is around 10 pieces per person per year. “In developed countries, the average use is around 100 pieces per person annually,” she added.
The CEO said that STGT would increase productivity by adopting new technologies or machines. Nowadays, STGT can produce 50,000 products per hour, with only three staff.
“We have been growing on average 12.2 per cent annually from 2016 to 2019, and around 8 to 10 per cent in the past 10 years. We estimate that we can grow much more, as the demand for rubber gloves has been rising at a high rate due to the increasing number of elderly people in society, as well as to support medical operations,” she added.