In the process of Interloop Limited’s Initial Public Offering (IPO) at the Pakistan Stock Exchange (PSX), Book Building was completed on 13 & 14 March, 2019, oversubscribed by 30%, and by the grace of God, Interloop was able to successfully raise PKR 5.02 billion, the highest ever by a private company in the history of Pakistan, placing Interloop amongst the top 50 companies listed on Pakistan Stock Exchange, by market capitalization. This capital will be used for business expansion by setting up a state of the art Denim Apparel Manufacturing Plant and Hosiery Plant 5.
Musadaq Zulqarnain, Chairman & Navid Fazil, CEO Interloop Limited attributed the success of IPO, despite adverse market conditions and macroeconomic concerns, to the hard work and dedication of the people working at Interloop. Navid Fazil in his message to the team said, “The success of IPO, despite the adverse market conditions, shows the strength of your company. This success is a testament of your hard work and dedication over the past many years. Allah has been very kind to reward your efforts”. He thanked Finance and all departments and people who were involved in the process, especially Muhammad Maqsood, Group CFO, for working day and night to make this possible.
Advising for the future, Navid said, “While we celebrate this success, we must be mindful of the fact that now we have additional responsibility, i.e., to safeguard the interests of minority shareholders. I am confident that you will continue to work tirelessly to sustain the success and take Interloop to new heights. May God always be with you. Aameen”.
The IPO received widespread 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. The general public will be offered shares on 21 & 22 March, 2019 at a price of Rs. 46.10 per share.
