Interloop Limited which is the largest hosiery producer in Pakistan and among the largest global player successfully raised Rs 5.025 billion through the largest private sector Initial Public Offering (IPO), placing it amongst the top 50 companies listed on the Pakistan Stock Exchange by market capitalization.
The company has surpassed the previous record for a private company when Pakistan Stock Exchange Ltd. raised 4.5 billion rupees two years ago.
The company based in Faisalabad has some big names attached to it. It makes socks for Nike, Puma and Adidas which makes it one of the largest socks exporters of the world.
The two-day book building process was over-subscribed by 1.37 times with price closing at Rs. 46.10 per share. The total demand received was Rs. 6.727 billion against a total issue size of Rs.4.905 billion, which was oversubscribed by Rs. 1.82 billion or 1.37 times.
Arif Habib Limited is the Consultant to Issue for this IPO.
This IPO received wide-spread participation from investment community ranging from major commercial banks, insurance companies, local and foreign institutions, asset management companies, TREC holders and high net worth individuals.
The general public will be offered shares on 21st and 22nd March at a price of Rs. 46.10 per share.
The company is going to expand its sock manufacturing capacity and is entering into the denim market. Furthermore, its already sharing its stitched denim designs with its clients including Levi’s and H&M.
Interloop Limited was established in 1992 as a small cottage operation with only 10 Knitting Machines.
Currently, the company manufactures and sells socks, leggings, and yarn and provides yarn dyeing services to other manufacturers.
It has 5 production facilities in Pakistan including; 3 hosiery lines, 1 yarn spinning unit in Faisalabad and 1 hosiery line in Lahore and a hosiery line in Bangladesh as well.
The company also exports its products to Bangladesh, North America, and Europe.