Supernet to Raise Rs. 475 Million through Listing at PSX
Supernet Limited seeks to generate Rs475 million by selling 18.81 percent of its post-offering share capital in an Initial Offering.
Fresh equity of Rs275 million in Supernet and a Rs200 million ‘Offer for Sale’ by Telecard Limited would make up the capital raised by listing the company on the GEM Board of the Pakistan Stock Exchange (PSX).Supernet is the first technological firm to be listed on the PSX’s GEM Board.
The issue comprises of 21,111,121 Ordinary Shares with a face value of Rs10 apiece, representing 18.81 percent of Supernet’s total post-offering paid up capital.On April 12-13, the entire issue will be offered through Book Building, with registration beginning on April 7 at a Floor Price of Rs22.50 per share, including a Rs12.50 premium per share. The pricing band’s top limit will not be more than 40% of the Floor Price.
Super Net is being sold for an FY22 PE of 6.7, compared to an average IT sector PE of 22X, providing investors with tremendous value. Telecard is offering 8,888,889 shares as an Offer for Sale, while the remaining 12,222,232 shares are being offered as fresh equity.
Supernet Group has recently increased its focus on Cyber Security, Power Solutions, and IT & Infrastructure Solutions. The revenues from the IPO will be used to fund the expansion strategy.
SNL has established two new companies to expand into new business segments: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited.Phoenix Global (Supernet Global Solutions), another subsidiary, is situated in the United Arab Emirates and provides a comprehensive range of IT and communication solutions to its international clients. Major banks, mobile operators, big MNCs, government and defence agencies, and others are among Supernet’s clients.
It is one of the country’s main telecommunications service providers and systems integrators, having been founded in 1995. The company has a pool of highly trained and experienced human resource in a wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns, and offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defence, private firms, and government sectors/customers.