The formal trading of the shares of newly-listed Interloop Limited began on Pakistan Stock Exchange (PSX) from Friday. A gong ceremony was held at the main trading hall of PSX to mark the occasion. Interloop Limited is one of the world's largest hosiery manufacturers.
Asad Umar, Minister for Finance, Revenue and Economic Affairs, the chief guest, through a 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 percent 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.
The share of Interloop Limited touched intra-day high level of Rs 48.20 however closed at Rs 46.15, with a net gain of Rs 0.05 with total turnover of 14.321 million shares on the first day of its formal trading.