Pakistan-based hosiery products manufacturer and exporter Interloop Ltd. has secured 5.025 billion Pakistani rupees ($35.8 million) via an initial public offering (IPO).
The IPO was oversubscribed by 1.37 times, with the price closing at $0.67 per share.
Interloop intends to use the proceeds to extend hosiery production by inaugurating a new plant.
In addition, the company plans to enter into the apparel business by inaugurating a denim plant in Lahore, for which land has already been bought.