Telecard plans to list SNL on PSX

September 14, 2021 (MLN): The Board of Directors of Telecard Limited in its meeting held today, has decided that its subsidiary, Supernet Limited (SNL) may be listed on PSX by offering its shares to the existing shareholders in proportion to their holdings, which shall be renounced by the Company and thereafter be offered and issued to the public, to the maximum extent of up to 18,343,195 ordinary shares.

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 notice issued to PSX 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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Posted on: 2021-09-14T13:13:34+05:00

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