Interloop, Pakistan’s largest hosiery producer, has launched an IPO which is the biggest equity issue ever by a Pakistani private sector company. The company has set out to raise fresh capital, representing a 12.5 per cent stake in the company. There has been an overwhelming response to the book building process on social media. Interloop’s book building has been oversubscribed by 30 per cent. The company plans to utilise the raised amount to finance a new facility to expand hosiery production capacity and set up a denim production facility.

The company, founded in 1992, extended beyond Pakistan and has established a production facility in Bangladesh. It ranks as Pakistan’s seventh largest exporter and generates approximately 90 per cent 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 future growth include increasing its global footprint by increasing hosiery production by around 22.6 per cent and expanding its product mix by adding knitted apparel and denim jeans.

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