Supernet Technologies Limited (STL) is looking to strengthen its working-capital capacity as a growing pipeline of larger technology and infrastructure projects increases funding requirements ahead of execution.
The listed technology company is undertaking an 85% rights issue at Rs10 per share to raise approximately Rs915 million, with proceeds primarily aimed at supporting working capital and enabling STL to undertake a larger number of projects simultaneously.
The capital raise comes as STL expands beyond its traditional connectivity and managed-services businesses into ICT and communications infrastructure, cybersecurity, satellite connectivity and enterprise technology solutions for corporate and government customers.
The shift is reflected in the rapid growth of its project-based business. STL’s non-service revenues increased from around Rs682 million in FY2021 to more than Rs5 billion in FY2025, indicating a sharp increase in both project size and the breadth of its technology portfolio.
Recent contract wins suggest the momentum is continuing. STL secured a contract worth approximately Rs1 billion for hardware and services related to the modernisation of critical communications infrastructure for a major organisation in Pakistan. The project is expected to be executed during FY2026-27 and contribute to revenue and profitability over the execution period.
Its cybersecurity subsidiary has also secured a five-year, multi-million-dollar contract with one of Pakistan’s largest banks for an advanced cybersecurity solution, following the completion of an earlier five-year engagement with the same customer.
STL is simultaneously expanding internationally, having initiated its first satellite connectivity deployment in Africa as part of efforts to take its communications and technology capabilities into overseas markets.
The expanding project portfolio, however, brings higher working-capital requirements. Large technology contracts typically require upfront procurement of equipment, payments to local and international vendors, mobilisation costs and performance guarantees, often months before customer payments are received.
The rights issue will result in the issuance of approximately 91.5 million new shares. Part of the proceeds will also be used to meet existing corporate obligations, strengthening the company’s overall financial position.
Following the merger of Supernet Limited into STL and its transition to the Main Board of the Pakistan Stock Exchange, the company enters FY2026-27 with a broader operating platform and a larger addressable market.
For STL, the capital injection is therefore positioned less as funding for routine operating expenses and more as balance-sheet support required to convert a growing project pipeline into revenue while maintaining financial discipline.
