PSX approves listing application of Supernet Limited

February 10, 2022 (MLN): Pakistan Stock Exchange (PSX) has approved the listing application of Telecard Limited’s subsidiary Supernet Limited (SNL), company’s filing on bourse showed today.

To recall, on September 14, 2021, the Board of Directors of Telecard Limited decided to list SNL of PSX.

In its meeting held on September 2021, the Board decided that its subsidiary, SNL may be listed on PSX by offering a maximum extent of up to 18,343,195 ordinary shares to the public.

It would represent 15.5% post-IPO paid-up capital of SNL as and by way of an Initial Public Offering (“IPO”) at the Strike Price to be determined through the Book Building Process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX.

The Board also said that SNL may be listed if the Company selling up to 11,242,604 ordinary shares representing 9.5% post-IPO paid-up capital of SNL through an Offer for Sale of Shares (“OFS”) at the Strike Price to be determined through the Book Building Process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX.

The OFS and IPO will result in the dilution of the Company's holding of SNL shares by 25%. The Company will be retaining 75% shares of SNL post IPO.

Further, Topline Securities Limited has been appointed to act as the Lead Manager & Book Runner to represent SNL for a listing of the SNL's share on PSX along with the OFS for the Company and for carrying out all services of Lead Manager & Book Runner including obtaining approvals from PSX and the SECP.

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