Supernet Technologies Limited (PSX: STL) has successfully attracted subscriptions of nearly Rs898 million against its rights issue of approximately Rs914.77 million, achieving a subscription rate of 98.16%. This reflects strong shareholder confidence in the company’s growth prospects in the ICT sector.

According to a notice to the Pakistan Stock Exchange (PSX), only 1.84% remains unsubscribed. The 85% rights issue was priced at Rs10 per share and aims to strengthen working capital and fund a share purchase agreement with Telecard Limited. Supernet is expanding its portfolio across telecommunications, IT, and cybersecurity.

The new capital will enhance the company’s capacity for larger projects and support future growth. Non-service revenues have increased from Rs682 million in FY2021 to over Rs5 billion in FY2025, with overall revenues reaching approximately Rs9.2 billion in FY2025.

The company has secured major projects, including a Rs1 billion hardware and services project expected to be executed in FY2026 and FY2027. The Board will offer the remaining unsubscribed rights to suitable individuals, approaching an underwriter only if necessary. This successful subscription advances Supernet Technologies’ capital-raising efforts and financial resources for growth.