Supernet Limited has successfully raised Rs. 475 million through book-building at the Growth Enterprise Market Board (GEM Board) of PSX.
The first-ever GEM Board listing of an IT company received an overwhelming response from institutional investors, Roshan Digital Accounts holders and high-net-worth individuals making it the largest IT listing at the GEM Board of PSX.
The process has concluded with an oversubscription of 1.4 times, the company said on Wednesday. The total bids received are worth Rs. 659 million while the strike price clocked in at Rs. 22.50.
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 percent of the total post-offering paid-up capital of Supernet of the face value of Rs. 10 each.
The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs. 22.50 per share, including a premium of Rs. 12.50 per share.
Supernet has been offered at FY22 PE of 6.7 vs Avg. IT sector PE of 22X, offering significant value to the investors.
This offering will help revive new listings at PSX once again. There is a lot of demand for tech-related stocks and that is why we saw higher than anticipated bids in the book building of SuperNet says Mohammed Sohail CEO of Topline Securities who acted as Advisor and Book Runner to the issue.
Jamal Nasir, CEO Supernet Limited, in a...
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