Karachi March 29 2022: Supenet Issue consists 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.
Investment in Subsidiaries
Supernet has set up new subsidiary companies to engage in specific lines of business. In order to support the business plans of these subsidiaries, the Company plans to inject fresh investment primarily to support working capital requirements of the businesses.
Working Capital
The Company has evaluated its working capital requirement based on past trends and future business outlook. The Company has forecasted that beyond connectivity revenue would increase from PKR 607mn in FY 2021 to PKR 1,475mn in FY 2024. The Company has calculated that over a period of 3 years, PKR 436mn would be required for working capital to finance the extra ordinary growth. The Company would utilize PKR 100mn from fresh equity issuance proceeds to working capital requirements and the remaining amount would be financed through internal cashflows.
About the Sponsor
Supernet is a fully owned subsidiary of Telecard Limited. Telecard Limited is a telecommunications services provider now focused purely on the Enterprise customers. Launched in the early 90’s
as a pioneer of public payphones, Telecard grew into the largest provider of indoor payphones operating on its own proprietary wireless communication network.
Telecard has now successfully refocused its business towards providing long distance and international (LDI) services to international customers, as well as to providing state-of-the-art voice-based communication solutions to enterprise customers in Pakistan. Telecard holds licenses for Long Distance & International (LDI) services, as well as for Local Loop (LL) services in Pakistan.