ISLAMABAD: Supernet Limited has planned 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 consist of fresh equity of Rs275 million in Supernet and ‘Offer for Sale’ by Telecard Limited of Rs200 million. Supernet is the first technology company to be listed on the GEM Board of PSX, said a news release issued here on Thursday.
The issue consists of 21,111,121 Ordinary Shares, representing 18.81 percent of the total post-offering paid-up capital of Supernet of the face value of Rs10 each.
The entire issue will be offered through Book Building on April 12-13 for which registration will start from April 7 at a floor price of Rs22.50 per share, including a premium of Rs12.50 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 Financial Year 22 PE of 6.7 vs Avg. IT sector PE of 22X, offering significant value to the investors. Out 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.
Founded in 1995, it is one of the country’s leading telecommunications service providers and systems integrators. The company 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 more than 200 cities and towns.
Recently, Supernet Group has been 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, SNL 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 included major banks, mobile operators, leading MNCs, government and defense institutions, etc.
