Interloop, one of the largest hosiery producers goes public

Interloop Limited (INLO), the first public offer of shares for the current year, managed to raise Rs5.025 billion, making it the largest private sector Initial Public Offering (IPO) of the country.

The company, billed as the largest hosiery producer in Pakistan, has set out to raise fresh capital of Rs4.905bn, representing 12.5 per cent stake in the company.

Chairman and Chief Executive Officer Musadaq Zulqarnain thanked his team following the overwhelming response to the book building process on the social media. “By the grace of God, Interloop’s book building has been oversubscribed by 30pc ... credit goes to our employees for building a great company,” he tweeted.

The company has raised over Rs5bn and plans to utilise the amount to finance a new facility at Faisalabad to expand hosiery production capacity and set up a denim production facility in Lahore.

Following the completion of its issue, the company would be amongst the top 50 companies listed on the Pakistan Stock Exchange by market capitalisation.

The company, founded by Zulqarnain and his brother Navid Fazil in 1992, has risen to become one of the world’s largest hosiery manufacturers with an annual turnover in excess of Rs30bn. The company’s operation extends beyond Pakistan’s boundaries and has established a production facility in Bangladesh.

It ranks as the Pakistan’s seventh largest exporter and generates approximately 90pc of its revenue through exports supplying yarns, hosiery and apparel items to some of the world’s leading brands including Nike, Puma, Reebok, H&M’s and Levi’s.

The company’s plans for the future growth include increasing its global footprint by increasing hosiery production by around 22.6pc and expand product mix by adding knitted apparel and denim jeans.

 

 
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