Faisalabad based textile firm, Interloop, plans to invest 6.8 billion rupees ($51 million) to expand its sock manufacturing capacity by around 20 percent and enter the denim business, termed as biggest ever initial public offering by a private firm in the country, Chairman and Co-Founder Musadaq Zulqarnain told the US media outlet. Interloop is one of textile conglomerates in Pakistan, also supplies socks to Nike and Adidas.
The company plans to raise as much It will offer 12.5 percent of the business in the sale, likely to take place in January, and is aiming to lift revenue by 77 percent over five years, he added. The government of Prime Minister Imran Khan has announced to help reinvigorate the export industry with cuts in gas and electricity prices and other incentives.
“Although there have been larger sales by state-owned enterprises, the Interloop offer will surpass the previous record for a private company, when Pakistan Stock Exchange (PSX) raised 4.5 billion rupees two years ago”, the report added. “They are one of the most well-managed companies in Pakistan, so they should not have a problem with demand,” said Amjad Waheed, chief executive officer at NBP Fund Management Ltd. in Karachi. “Investors are sitting with cash on the sidelines after the market drop over the past year.”
Established in 1990, Interloop – one of the world’s largest hosiery manufacturers with Hosiery being its core business – has an annual Company turnover exceeding $270 million. Besides Hosiery Interloop is a reputed manufacturer of quality yarn. It is a complete vertically integrated organization with in-house spinning, yarn dyeing, knitting and finishing facilities. Interloop houses over 4,000 knitting machines, 46,704 ring-spinning spindles and has more than 15,000 employees. The Company offers a wide range of socks with various quality levels and price points in line with all types of customers including brands, retailers, specialty stores etc. besides quality yarns for Denim, Hosiery & weaving industry.
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17 November, 2019