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Health Care

Thai medical glove maker raises $482m in IPO to expand production

Sri Trang hopes to rival Malaysia's Top Glove in growing market amid pandemic

The coronavirus pandemic has spurred demand for personal protective equipment including medical gloves across the globe.   © Reuters

BANGKOK -- Thailand's first major IPO amid the pandemic brought in 14.9 billion baht ($482 million) for the kingdom's largest maker of medical gloves, Sri Trang Gloves Thailand. The timing helped, with personal protective equipment in high demand due to the ongoing pandemic.

The subscription period for the 438.78 million new shares, priced at the top of a marketed range of 32-34 baht apiece, closed Thursday. The shares are expected to make their debut on the local stock market on July 2.

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