JAKARTA – The shares of PT Haloni Jane Tbk (HALO) were oversubscribed 101.6 times during the initial public offering (IPO) that lasted from February 2 to 6, 2023. This medical glove manufacturer seeks IDR 113 billion from offering 1.13 billion units of shares for IDR 113 each.

Louis Hans Laurence, President Director of HALO, appreciates the enthusiasm that the investors had shown during HALO’s debut. “Prior to going public, we have made investments to increase production capacity by up to 40% to 1.2 billion gloves per year,” he said during the listing of 5.65 billion units of HALO’s shares in Indonesia Stock Exchange (IDX) today (8/2).

According to Laurence, the proceeds from IPO will be used to expand the market domestically and globally. It includes purchasing raw and supporting materials, such as natural rubber, filler, Sulphur, antioxidant, inner box, master box, paper pouch, and coals.

In 2022, the revenue clocked up to IDR 300 billion, declining from IDR 455 billion in 2021. However, last year’s revenue was still higher than the 2020 revenue of IDR 295 billion. (LK/ZH)