Supernet set to raise Rs475 million through listing at PSX

KARACHI: Supernet Limited (SNL) plans to raise Rs475 million through Initial Offering of its 18.81 per cent of post-offering share capital at the Pakistan Stock Exchange (PSX).

The capital raised by listing the firm on the growth enterprise market (GEM) Board of the PSX will consist of fresh equity of Rs275 million in Supernet and ‘Offer for Sale’ by Telecard Limited of Rs200 million.

The issue consists of 21.11 million ordinary shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each. The company is the first technology company to be listed on the GEM Board of the PSX.

The entire issue will be offered through Book Building on April 12 and April 13, for which registration will start from April 7, at a floor price of Rs22.50/share, including a premium of Rs12.50/share.

The upper limit of the price band will not be more than 40 per cent of the floor price. Supernet is being offered at fiscal year 2022 PE of 6.7 vs average IT sector PE of 22x.

Out of the total issue, 8.88 million shares are being offered as ‘Offer for Sale’ by Telecard and 12.22 million shares are being offered as fresh equity.

Founded in 1995, the company 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, defence, private firms and government sectors and customers.

It has 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 is aggressively expanding into Cyber Security, Power Solution and IT and Infrastructure Solutions business. The proceeds from listing will be utilised to finance the expansion plan.

For expansion into new business segments, the 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 include major banks, mobile operators, leading MNCs, government and defence institutions.