Supernet Limited, a subsidiary of Telecard Limited, has successfully crossed the Rs475 million it had initially targeted from its initial offering at the GEM board. The book-building process was concluded with an oversubscription of 1.4 times, whereby the company received bids worth Rs659 million in the two days of the process, 12th and 13th April. The company also mentioned that share prices clocked in a premium of Rs12.5, attaining a strike price of Rs22.5.
This gives a glimpse of the market sentiment towards IT companies going for Initial Public Offerings on the PSX. Supernet was the first IT company to list on the freshly constructed Gem board, where a diverse range of investors participated including institutions investors, high-net worth individuals, and Roshan Digital Account holders.
The offering comprised 21,111,121 Ordinary shares, portraying 18.81 percent of the total paid up share capital post-offering of Supernet Limited at Rs10 face value.
Moreover, the Price Earnings (P/E) ratio of Supernet was significantly lower compared to that of the remaining IT industry, clocking in at 6.7x compared to the average IT sector P/E of 22x.
“Market sentiments are very positive towards tech companies. This can be judged from the fact that tech sector is trading at a P/E of approximately 20, while the average market P/E is 5,” said Topline Securities CEO Mohammad Sohail.
The book-building of Supernet will also help create a conducive environment for future tech companies...
Read Full Story: https://profit.pakistantoday.com.pk/2022/04/14/supernet-book-building-done-and-dusted/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.