Karachi April 12 2022: Supernet Initial Public Offering Subscribed fully on its first day as per data available at Pakistan Stock Exchange (PSX).
On first day of offering company received bids of 21,530,720 shares against issue of 21,111,121 Ordinary Shares (18.81 percent of the total post-Offering paid up capital of Supernet Limited) of face value of PKR 10/- each, as per Investor Memorandum shared with investors.
Out of the total issue, 8,888,889 shares are being offered as Offer for Sale by Telecard Pakistan Limited and 12,222,232 shares are being offered as fresh equity.
The entire issue will be offered through Book Building at a Floor Price of PKR 22.50/- per share (including premium of PKR 12.50/- per share), the upper limit of the price band should not be more than 40 percent of the Floor Price.
Book building of supernet will be held on April 12 and 13 2022.
Upto PKR 475,000,220/- at Floor price. This consists of PKR 275,000,220 as fresh equity (10.89 percent) in Supernet Limited and PKR 200,000,000 (7.92 percent) as offer for sale by Telecard Limited.
Since the issue is 10.89 percent fresh equity and 7.92 percent OFS, the proceeds from the OFS will be paid out to the sponsors and the fresh equity will be utilized for further expansions & used in other projects in the following manner:
Purchase of Fixed Assets
The Company plans to spend PKR 296mn on Fixed Assets in FY-2022. The Company would utilize PKR 125mn from Fresh equity issuance proceeds and the remaining capital expenditure would be financed through Company’s own sources. Supernet is an IT and Telecommunication Company that provides tailormade services to its corporate clients.
These services include but are not limited to security, connectivity, consultancy, etc. To enable SNL to render these services, Supernet incurs capex expenses that significantly vary according to the customers’ requirements.