Top Glove downsizes Hong Kong IPO to raise RM4.17 billion instead of RM7.7 billion

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KUALA LUMPUR (April 22): Top Glove Corp Bhd has downsized its Hong Kong Initial Public Offering (IPO) to raise RM4.17 billion, down from the initial sum of RM7.7 billion that was announced in September last year.

In a bourse filing, the glove maker said that it was cutting the number of shares allotted as part of the listing exercise to 793.5 million shares, from 1.495 billion shares initially stated.

“The revision to the number of new Top Glove shares proposed to be issued under the proposed issuance of new shares above takes into consideration the best interest of the existing shareholders of the company by minimising dilution to existing shareholders respective shareholding,” said Top Glove.

More to come