The world’s largest condom maker had a heck of a first day on the stock market. Shares of Karex Industries—ahem—rose by almost one-third on the Malaysian stock exchange in the company’s public debut on Wednesday.
Make no mistake, it’s not just getting lucky. Can you think of a more recession-proof business? There are consumer staples and then there are consumer staples. Thanks to population growth and the immortal recordings of Barry White, global condom sales have increased at a steady 7 percent rate for years. An AIDS vaccine would be one of the few threats to Karex’s business, according to the company’s prospectus.
