Supernet Limited, one of the first private-sector telecommunications providers, has successfully raised Rs. 475 million through book-building at the Growth Enterprise Market Board (GEM Board) of PSX.
Being the first IT company to be listed on GEM Board of PSX, Supernet Limited received an overwhelming response from investors on the first day of its book building.
With an oversubscription of 1.99% on first day of its book building, Supernet received total bids of21,530,720 shares against an offer of 21,111,121 shares, over subscription by 1.99% or 419,599 shares on Day 1.
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.
Besides 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 Rs. 10 each.
The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs. 22.50 per share, including a premium of Rs. 12.50 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.
CEO Supernet Limited, Jamal Nasir, thanked institutions and investors in a statement for showing confidence 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.
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 defence institutions, etc.
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