Two sources, who cannot be named as the information is not yet public, said
Citigroup Inc, China International Capital Corporation (CICC) and UBS will manage the listing, Reuters reported.

Another source, also declining to be named as the process is private, said Top Glove, riding a wave of demand generated by the Covid-19 outbreak, could be more ambitious and look to raise as much as US$2 billion.

The company, already listed in Malaysia and Singapore, said in a filing with Bursa Malaysia on Monday it was evaluating a dual primary listing on Hong Kong’s stock exchange.

It said the evaluation was at a preliminary stage and the structure had not been finalised.

“(The proposed listing), if undertaken, will enable Top Glove to be present in a larger, more active and liquid stock exchange, enlarge and diversify its investor base, and also provide an alternate and larger fundraising platform to support the company’s future growth strategy,” it said.

Citigroup, CICC and UBS declined to comment.

Top Glove reported a record quarterly profit last month, saying it had seen “supernormal” demand for its disposable gloves during the pandemic.

It had also said it was talking to bankers about listing in Hong Kong within six to nine months.