Interloop Ltd intends to raise Rs 6.8bn from PSX
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KARACHI: Faisalabad-based Interloop Ltd company Friday showed its intension to raise Rs 6.8 billion ($51 billion) by listing its 109 million share at Pakistan Stock Exchange (PSX).
Faisalabad-based Interloop Ltd, which makes socks for global sports brands Nike and Adidas, is planning to raise $51 million (Rs 6.8 billion) from Pakistan’s capital market to expand its business, a financial news service said.
This will be the largest private sector listing at the stock market to date, the financial news service said. The company will raise this capital by offering 109 million shares (12.5% of its business) to investors, likely in January 2019.
The company will use this money to increase its production capacity by 20% and start a denim business. The added capacity will help it increase sales by more than two-thirds in five years.
The development comes at a time when the newly-elected PTI government is trying to boost textile exports, some of which Pakistan has lost to nations likes of Bangladesh and Vietnam. The government is trying to lower the cost of production for industries by subsidising gas and electricity.
Beside Faisalabad and Lahore, the company has factories in Bangladesh and Sri Lanka, totalling a workforce of 16,000. In the latest financial year, it earned Rs31 billion in sales.
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