Supernet announces initial public offering of 15.5% shares
KARACHI: Supernet (SNL), a subsidiary of Telecard Limited, has announced to offer 18.343 million shares to the public by way of Initial Public Offering (IPO) at the Pakistan Stock Exchange, a bourse filing said on Tuesday.
“SNL is offering its shares to the existing shareholders in proportion to their holdings, which shall be renounced by the company (Telecard) and thereafter be offered and issued to the public (including persons participating in the book building process), to the maximum extent of up to 18.343 million ordinary shares, representing 15.5 per cent post-IPO paid-up capital of SNL as and by way of an Initial Public Offering (IPO) at the strike price to be determined through the book building process,” the Telecard Limited said.
In addition, the company will sell up to 11.242 million ordinary shares, representing 9.5 per cent post-IPO paid-up capital of SNL through an offer for sale of shares (OFS) at the strike price to be determined through the book-building process.
The OFS and IPO will result in the dilution of Telecard’s holding of SNL shares by 25 per cent. Telecard will be retaining 75 per cent shares of SNL post-IPO.
Topline Securities Limited has been appointed as the lead manager and book runner to represent SNL for listing of the SNL’s share on PSX along with the OFS for the Telecard.
Supernet is the wholly-owned subsidiary of Telecard Limited, a public company listed on the Pakistan Stock Exchange. It has been a market leader in IT and communication services since 1995. It offers a full portfolio of local-to-global communication solutions to enable key business processes of its customers.
Supersecure, a new venture of Supernet Limited, is a Managed Security Service Provider (MSSP) with a dedicated team of experts, focused on information security solutions and services.
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