To raise capital for its entry into the North African market and expand East African operations, Apparel maker Hela Clothing plans to launch an initial public offering on the Colombo Stock Exchange within the next 12 months. As per Bloomberg Quint, the Sri Lanka-based manufacturer for PVH Corp will offload 20 per cent stake for $20 million. It manufactures underwear, sleepwear and children’s apparel. It will enter the North African nation Egypt by the first quarter of 2022. This will help the company boost its value by 11 per cent to $250 million by the end of the financial year in March, says Dilanka Jinadasa, CEO.
Hela also plans to expand its intimates business in Kenya and boost the capacity of bra-making factory in Ethiopia. The company generates nearly 60 per cent of its revenue outside Sri Lanka.