Supernet Limited plans to raise Rs. 475 million through the Initial Offering of its 18.81 percent of post-offering share capital.
The capital, being raised by listing the firm on the GEM Board of the Pakistan Stock Exchange (PSX), will comprise fresh equity of Rs. 275 million in Supernet and ‘Offer for Sale’ by Telecard Limited of Rs. 200 million.
The move will make Supernet the first technology company to be listed on the PSX’s GEM Board.
The issue comprises 21,111,121 Ordinary Shares that represent 18.81 percent of the total post-offering paid-up capital of Supernet of the face value of Rs. 10 each.
The entire issue will be offered through Book Building on 12 and 13 April, for which registration will start on 7 April at a Floor Price of Rs. 22.50 per share, including a premium of Rs. 12.50 per share. The upper limit of the price band will not be more than 40 percent of the Floor Price.
Supernet is being offered at an FY22 Price to Earnings (PE) of 6.7. Of the total issue, 8,888,889 shares are being offered as Offer for Sale by Telecard, and 12,222,232 shares are being offered as fresh equity.
About Supernet:
Founded in 1995, Supernet is one of the country’s leading telecommunications service providers and systems integrators. It offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms, and government sectors/customers and has a pool of highly trained and experienced human resources in a wide range of communication and IT technologies spread across Pakistan in over 200 cities and towns.
The Supernet Group recently began aggressively expanding into Cyber Security, Power Solutions, and IT & Infrastructure Solutions business. The proceeds from the listing will be utilized to finance the expansion plan.
For expansion into new business segments, it has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited. Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE-based company that offers a wide range of IT & Communication solutions to its international clients.
Supernet’s clientele includes major banks, mobile operators, leading MNCs, and government and defense institutions.
