Sri Trang Gloves shares soar in first IPO since Covid-19
Shares in Sri Trang Gloves (Thailand) (STGT) soared to 75 per cent of their initial public offering (IPO) price on their opening day of trading today, in the Stock Exchange of Thailand’s first IPO since the Covid-19 outbreak.
The company’s shares hit a high of Bt60.25, from their IP0 price of Bt34, before falling back to Bt57.5 by the end of the morning session – up 69.12 per cent from the IPO price.
Sri Trang is the world’s third largest producer and distributor of rubber gloves for medical and industrial use, churning out more than 32.5 billion gloves per year.
A subsidiary of Sri Trang Agro Industry (STA), Sri Trang Gloves was created from the merger of rubber glove manufacturing and distribution companies to support business expansion.
STA plans to use the estimated Bt15 billion raised from the listing to expand its production of rubber gloves worth about Bt11 billion. STA will hold 50.7 per cent of STGT shares after the IPO.
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