Being the first IT company to be listed on the GEM Board of PSX, Supernet Limited received an overwhelming response from investors on the first day of its book building on 12th April. The book-buying would continue on 13th April (today) too.
With an oversubscription of 1.99% on the first day of its book building, Supernet received total bids of21,530,720 shares against an offer of 21,111,121 shares, oversubscription by 1.99% or 419,599 shares on Day 1.
The first-ever GEM Board listing of an IT company received an overwhelming response from institutional investors and high-net-worth individuals.
Supernet has a target to raise between 475 million to 666 million through 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 per cent of the total post-offering paid-up capital of Supernet 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.
Recently, Supernet Group has been 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.
SNL has set up two new subsidiaries for expansion into new business segments: 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.