PSX Enlists Supernet Limited on its GEM Board

The Growth Enterprise Market (GEM) board of the Pakistan Stock Exchange (PSX) encourages investors to invest in developing and successful companies. Recently, PSX placed IT firm Supernet Limited (SL) on its GEM Board, marking it the board’s third listing since its inception in 2020. The feat was achieved during a ceremony held on Tuesday.

The GEM Board of the Pakistan Stock Exchange is a listing platform that assists small and medium-sized growth companies, as well as greenfield companies, in raising funding. PSX chief operating officers (COO), company leaders, and others attended the ceremony.

During the ceremony, PSX COO Nadir Rahman welcomed the firm as the GEM Board’s third equity listing, adding that the company has expanded from providing basic internet services to delivering IT, cybersecurity, and infrastructure solutions.

PSX Enlists Supernet Limited on its GEM Board

Supernet’s CEO, Jamal Nasir, expressed his delight at being a member of a developing ecosystem. “The ICT [Information and Communication Technology] sector continues to see great demand and expansion,” he continued.

Supernet is a data network operator and internet service provider that was created in 1995. It provides ICT services all around the country.  It is a subsidiary of Telecard Limited, which is also listed on the main board of the PSX.

In recent years, the company has grown into IT, cybersecurity, and infrastructure solutions and services. It also provides call center and business process automation services.

Supernet raised new funds to finance the acquisition of fixed assets, invest in its subsidiaries, and increase working capital. In addition, Telecard, the parent firm, sold shares to raise cash. The funds were raised entirely using the book-building approach.

Telecard Limited issued 8,888,889 shares as an offer for sale, and 12,222,232 shares as fresh equity, out of the entire Issue. The entire Issue was priced at Rs22.50 per share as a floor price.

According to Supernet, the goal was to raise Rs475,000,220 at the floor price, with Rs200 million going to Telecard as an offer for sale and Rs275,000,220 going to new equity. The book-building for Supernet’s first public offering took place on April 12 and 13.

The offer was oversubscribed by 1.35X at the floor price of Rs22.50 per share, with a total demand of 28,499,292 shares received against the issue size of 21,111,121 shares. A total of 106 investors participated in the book building, with 88 of them being successful. High-net-worth individuals, insurance companies, Modarabas, and overseas institutional investors were among the investing segment.

check out? Supernet scrip oversubscribed on first day of Book Building at GEM Board, PSX