Supernet receives Rs. 659 mln bids through book building

0
109
enewspaper.com.pk/Suppernet

ISLAMABAD, (APP): Supernet Limited has raised Rs. 475 million through book-building at the GEM Board of PSX and the process has concluded with an oversubscription of 1.4 times, the company said on Wednesday.

The total bids received are worth Rs. 659 million while the strike price clocked in at Rs 22.50.

The first-ever GEM Board listing of an IT company received an overwhelming response from institutional investors, Roshan Digital Accounts holders, and high-net-worth individuals as the
Supernet has raised Rs 475 million in total, making it the largest IT listing at the GEM Board of PSX.

Apart from local investors, foreign financial institutions also took a keen interest in the initial offering of the first IT company on the GEM Board of PSX.

The issue consists of 21,111,121 Ordinary Shares, representing 18.81 percent of the total post-offering paid-up capital of Supernet of the face value of Rs10 each.

The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs22.50 per share, including a premium of Rs12.50 per share.

SuperNet has been offered at FY22 PE of 6.7 vs Avg. IT sector PE of 22X, offering significant value to the investors.

This offering will help revive new listings at PSX once again. There is a lot of demand for tech-related stocks and that is why we saw higher than anticipated bids in the book building of SuperNet says Mohammed Sohail CEO of Topline Securities who acted as Advisor and Book Runner to the issue.

Jamal Nasir, CEO of Supernet Limited, in a statement, thanked the institutions and individual investors for showing interest and trust in Supernet and hopes that their investment in the company would yield great returns. We have offered great value to our investors and their trust and investment would grow with Supernet.

Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solutions, and IT & Infrastructure Solutions business. The proceeds from the listing will be utilized to finance the expansion plan.

For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited. Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE-based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele includes major banks, mobile operators, leading MNCs, government and defense institutions, etc.

Founded in 1995, it is one of the country’s leading telecommunications service providers and systems integrators. The company offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms, and government sectors/customers and has a pool of highly trained and experienced human resources in a wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns.

(Please send your news, article, pictorial to our email address <editor@enewspaper.com.pk & WhatsApp +923132434567 / +923332100737

PLEASE SEND YOUR COMMENTS Thanks)

(facebook ID shujaullahk) https://www.facebook.com/

Newspaper on Facebook:  https://www.facebook.com/Enewspapercompk-182394028490643

(twitter: KhanShujaullah) https://www.twitter.com/home

(linkedin: shuja-ullah-khan) https://www.linkedin.com/feed