Interloop listed at Pakistan Stock Exchange

F.P. Report

KARACHI: Interloop Limited, one of the world’s largest hosiery manufacturers, was listed on the Pakistan Stock Exchange (PSX) at a Gong Ceremony today.

Asad Umar, Minister for Finance, Revenue & Economic Affairs, the Chief Guest, through video-link, after striking of the Gong said, “I congratulate Interloop Limited, Arif Habib Limited, PSX and the SECP on this momentous occasion.” He also added, “The Ministry of Finance will continue to play an effective role for the development of Pakistan’s capital markets, which will help route private savings towards productive investment. The government of Pakistan would encourage & facilitate such initiatives.”

Interloop is one of the world’s largest hosiery manufacturers and has an annual turnover in excess of Rs. 30 billion. Pakistan’s seventh largest exporter generates approximately 90% of its revenue through exports. This IPO received wide-spread participation from investment community ranging from major commercial banks, insurance companies, local and foreign institutions, asset management companies, TREC holders and high net worth individuals.

Interloop Limited successfully raised Rs. 5,025 million through the largest private sector Initial Public Offering (IPO), placing it amongst the top 50 companies listed on the Pakistan Stock Exchange by market capitalization. Book building portion of the IPO took place on the 13th and 14th of March and was oversubscribed by 1.37 times with the book runner receiving bids for Rs 6,727 million against the offer of ,905 million. The General Public participated in the IPO on the 21st and 22nd of March.

Also present at the ceremony were Mussadiq Zulqarnain, Chairman and Navid Fazil, CEO Interloop, Farrukh Sabzwari, Chairman, SECP, Sulaiman S. Mehdi, Chairman, PSX, Arif Habib, Chairman, Arif Habib Group, representatives of numerous banks, insurance companies and mutual funds, as well as those of the business community.