Sri Trang Gloves Thailand (STGT) plans to raise 14.9 billion baht ($480.34 million) in an initial public offering (IPO), it said in a filing on Monday in the country's biggest IPO amid the coronavirus outbreak.

The rubber glove maker, a subsidiary of the country's biggest natural rubber producer Sri Trang Agro Industry Pcl, booked revenue of 3.79 billion baht in the three months ending in March, up 25% from 2.98 billion baht a year ago, according to the filing.

The increase was driven by rubber glove sales of 6.2 billion pieces, up 28.7% from the same period a year ago, and new production lines and factories in southern Thailand.

The company said sales had increased partly due to the COVID-19 pandemic.

Gross profit nearly doubled in the first quarter this year, jumping 79.7% to 706.6 million baht, also helped by lower oil prices.

The IPO period will be between June 23-25 and the company plans to sell 438.78 million shares, priced at 34 baht each. The first trading day is slated for July 2, it said in a statement.

The funds raised will be used for to expand production capacity and to pay off debt.

Sri Trang Gloves's facilities in Thailand have a production capacity of 32.6 billion gloves per year, aiming to produce 100 billion by 2032.

Thailand is the world's biggest producer of natural rubber, including latex, and has planned for years to increase domestic use to boost prices.

Thailand exports latex to Malaysia, where the world's biggest medical glove marker Top Gloves posted a 366% jump in third quarter profits on increasing protective gear demand.

After the share sale, its parent company Sri Trang Agro Industry will reduce holdings from 73% to 50.7%.

Finansa Securities Ltd is its financial advisor.

(Reporting by Chayut Setboonsarng and Patpicha Tanakasempipat; Editing by Simon Cameron-Moore and David Evans)