Karachi September 14 2021: Board of Directors of Telecard Limited has decided to list its subsidiary “Supernet Limited'("SNL") on the Pakistan stock Exchange Limited ('PSX").
For this, SNL offering its shares to the existing shareholders in proportion to their holdings, which shall be renounced by the company and thereafter be offered and issued to the public (including person participating in the book building process), to the maximum extent of up to 18,343,195 (Eighteen Million Three Hundred and Forty five Thousand One Hundred and Ninety-Five) ordinary shares, representing 15.5 percent post IPO paid-up capital of SNL as and by way of an initial Public offering at the strike price to in determined through the Book Building Process in accordance with the public Offering Regulations ,2017 and applicable regulations of the Rule Book of the PSX.
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The Company selling up-to 11,242,604 (Eleven Million Two Hundred and Forty-Two Thousand Six Hundred and Four) ordinary shares representing 9.5% 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 in accordance with the public Offering Regulations, 2O17 and applicable regulations of the Rule Book of the PSX, and the OFS and IPO will result in the dilution of the company's holding of SNL shares by 25%. The Company will be retaining 75% shares of SNL post IPO.
Further, Topline Securities Limited has been appointed to act as the Lead Manager & Book- Runner to represent SNL for listing of the SNL’s share on PSX along with the OFS for the company and for carrying out all services of Lead manager & Book Runner including obtaining approvals from PSX and the SECP.