Pakistan-based hosiery manufacturer Interloop, which supplies brands including Nike, Puma and Adidas, is planning to float on the country’s stock market as it looks to expand into new growth areas such as knitted apparel and denim.
According to a draft prospectus published by the company, Interloop says it has applied for a listing on the Pakistan Stock Exchange. The issue consists of 109,000,000 ordinary shares being issued at floor price of PKR45 per share which is at a premium of PKR35 to the face value of PKR10 per ordinary share.
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in addition to Pakistan, Interloop has a production facility in Bangladesh and an allied manufacturing concern in Sri Lanka.
In the prospectus, the company says it plans to grow its footprint in hosiery – increasing production by approximately 22.6% – but also by adding new products such as knitted apparel and denim to its portfolio. It says it is currently in talks with existing customers and is approaching new customers for its denim range.
“Given the global growth forecast in both hosiery and denim segments and the overall growth forecast in the garments industry, Interloop is positioned to add to its long trend growth in revenue and market share,” it says.
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By GlobalData
