ISLAMABAD: Service Global Footwear Ltd., Pakistan’s largest shoe exporter, is planning an initial public offering in the domestic market to raise funds to invest in its parent’s tire joint venture, Bloomberg reported on Tuesday.
Service Global Footwear is part of Service Industries Ltd., which has more than 13,000 employees and is known for its shoes and tires in Pakistan. The footwear unit supplies brands including Inditex SA’s Zara, Levi Strauss & Co.’s Dockers and Reckitt Benckiser Group Plc’s Scholl. The business has an annual revenue of about $44 million and exports to European countries such as Germany, France and Italy. It has a capacity to produce 3.6 million pairs of shoes annually.
A representative for Service Industries confirmed the details of its unit’s IPO plans.
Service Global Footwear plans to use the IPO proceeds to buy about 20% stake in a joint venture set up by Service Industries and China’s Chaoyang Long March Tyre Co., Shahid Ali Habib, chief executive officer at Arif Habib Ltd., the sole adviser on the IPO told Bloomberg.
“The business will manufacture truck and bus radial tires in Pakistan for export from a factory near Karachi. At a cost of about $250 million over seven years, it’s the largest investment in a tire manufacturing plant in the country. The first phase will start operations in August,” Bloomberg reported.
The Lahore-based company plans to raise at least 1.6 billion rupees ($10 million) by offering 41 million shares at a floor price of 38 rupees each, Habib said.
“The price could be boosted by as much as 40%, meaning Service Global Footwear could raise as much as $14 million,” Habib added. “The company is scheduled to start taking investor orders as soon as the last week of March.”
“The shoemaker is joining a global rush to tap capital markets for funds, riding on strong investor sentiment,” Bloomberg added. “Pakistan’s benchmark KSE-100 Index’s 33% gain in the past year has encouraged the country’s first-time share market, which is seen as heading for a record year.”
Pakistan’s largest shoe exporter plans $10 mln IPO to invest in Chinese tire company
https://arab.news/9699h
Pakistan’s largest shoe exporter plans $10 mln IPO to invest in Chinese tire company
- Service Global Footwear plans to use IPO proceeds to buy 20% stake in joint venture with China’s Chaoyang Long March Tyre Co
- Footwear unit supplies brands including Inditex SA’s Zara, Levi Strauss & Co.’s Dockers and Reckitt Benckiser Group Plc’s Scholl
Pakistan PM urges unity, economic resilience in New Year message
- Sharif says Pakistan stabilized economy, countered security threats in 2025
- The prime minister vows reform, unity and diplomacy as the country enters 2026
ISLAMABAD: Prime Minister Shehbaz Sharif urged national unity, economic resilience and a continued focus on reform in a New Year message on Wednesday, saying the country had weathered security and economic challenges in 2025 and must now build on its gains as it enters 2026.
Sharif’s statement comes as Pakistan seeks to consolidate macroeconomic stabilization and navigate a volatile regional and global environment. He framed the year ahead as one requiring cohesion, discipline and sustained reform, while reaffirming Islamabad’s commitment to diplomacy and multilateral engagement.
“Over the past year, we responded to the aggression of enemies and countered the menace of terrorism with matchless courage and bravery, both on the battlefield and in negotiation rooms,” the prime minister said in a post on social media platform X.
“We have also taken meaningful steps to strengthen economic fundamentals, improve governance, expand social protection, and lay the groundwork for long-term development,” he added. “Our efforts are guided by our collective resolve to build a stable, self-reliant, and prosperous Pakistan that delivers opportunity and dignity to every citizen.”
Sharif said Pakistan had begun to restore confidence through fiscal discipline, structural reforms and renewed momentum in investment, exports and energy security, crediting the public’s “hard work, patience, and sacrifices” for recent progress.
On foreign policy, he said the country would continue to prioritize dialogue and cooperation amid rising instability.
“At a time of global uncertainty and conflict, Pakistan will continue to advocate dialogue over confrontation, development over division, and cooperation over unilateralism,” he said.
“With unity, discipline, and hard work, we shall build a Pakistan that is economically strong, socially just, and resilient in the face of challenges,” Sharif added.
