According to Bloomberg’s report, Faisalabad-based Inter loop Ltd, which makes socks for global sports brands Nike and Adidas, is planning to raise $51 million (Rs6.8 billion) from Pakistan’s capital market to enlarge its business.
The financial news service said that this will be the major private sector listing at the stock market to date. The company will increase this capital by offering 109 million shares (12.5% of its business) to investors, likely in January 2019.
The company will utilize this money to enhance its production capacity by 20% and commence a denim business. The additional capacity will assist it increase sales by more than two-thirds in five years.
The development comes at a time when the newly-elected PTI government is trying to improve textile exports, a few of which Pakistan has lost to nations likes of Bangladesh and Vietnam. The government is trying to lower the cost of production for industries by subsidizing gas and electricity.
Beside Faisalabad and Lahore, the company has factories in Bangladesh and Sri Lanka, totaling a workforce of 16,000. In the latest financial year, it earned Rs31 billion in sales.