Growth Enterprise Market Board is gaining traction.

• Author: Ahmed, Khalil
• Position: Supernet Limited

Byline: KHALIL AHMED

Since its inception in 2020, Pakistan Stock Exchange's (PSX) Growth Enterprise Market (GEM) Board is progressively gaining traction and now proudly lists the third growth enterprise on the Stock Exchange, Supernet Limited (SL). The GEM Board is a listing platform created to facilitate growth enterprises, whether small, medium or greenfield businesses, for their capital raising needs. A Gong Ceremony was held to announce the listing of Supernet on PSX's GEM Board. The Ceremony was attended by COO PSX, Nadir Rahman; Advisor Supernet Limited, Shams Arfeen; CEO Supernet Limited, Jamal Nasir Khan; CEO Topline Securities, Mohammed Sohail and senior management of the participating organisations.

Supernet was founded in 1995 as a Data Network Operator and Internet Service Provider. SL is a leading company offering ICT solutions nationwide. It is a major provider of Connectivity Solutions and has, over the last few years, expanded into providing IT solutions, cybersecurity solutions and services, infrastructure solutions and services, and call center services suite and business process automation. Supernet is a subsidiary of Telecard Limited, a well-known telecommunications service provider in Pakistan, which is also listed on the Main Board of PSX. Supernet issued new capital in order to fund procurement of fixed assets, invest in its subsidiaries and raise working capital. In addition, the parent company Telecard also sold shares for working capital. The capital was raised through 100% Book Building method. The Issue Size was a total of 21,111,121 ordinary shares. Out of the total Issue, 8,888,889 shares were offered as Offer for Sale by Telecard Limited and 12,222,232 shares were offered as fresh equity. The entire Issue was offered at a Floor Price of Rs. 22.50 per share. Supernet had thereby set out to raise Rs. 475,000,220/- at the Floor Price, of which Rs. 200,000,000/- were to be raised as Offer for Sale by Telecard and Rs. 275,000,220/- were to be raised as fresh equity. The book building for Initial Offering of Supernet took place on 12th and 13th of April, 2022. A total demand for 28,499,292 shares was received against the Issue size of 21,111,121 shares, thereby the Offer was oversubscribed by 1.35X at the Floor Price of Rs. 22.50 per share. A total number of 106 investors took part in the Book Building, of which 88 were successful investors. The investors included high net worth individuals, insurance companies...