Interloop Limited raises Rs5.025 billion from Pakistan stock exchange
KARACHI: Interloop Limited has successfully raised Rs5.025 billion through the largest private sector Initial Public Offering (IPO), placing itself among the top 50 companies listed on the Pakistan Stock Exchange (PSX) by market capitalisation, the company said on Thursday.[the_ad id="31605"]The company that supplies foot-hosiery to global sportswear giants like Nike and Adidas said, the two-day book building process was oversubscribed by 1.37 times with the price closing at Rs46.10/share. "By the grace of God, Interloop’s book building has been oversubscribed by 30% despite the fact that it was the biggest private sector IPO of Pakistan’s history, the market was down and macro economic concerns were there. Credit goes to our employees for building a great company," Musadaq Zulqarnain Chairman Imterloop said in a tweet. The total demand received was Rs6,727 million against total issue size of Rs 4,905 million, oversubscribed by Rs1,822 million or 1.37 times. Arif Habib Limited is the consultant to issue for the IPO, while Ismail Iqbal Securities has been the book runners. Interloop is one of the world’s largest hosiery manufacturers and has an annual turnover in excess of Rs30 billion. The company in a statement said one of the main objectives for the IPO was to expand hosiery production by opening a new plant and simultaneously and entry into the apparel business by opening a denim plant in Lahore, for which land had already been acquired.