Supernet Technologies Limited (PSX: STL) has received subscriptions of nearly Rs898 million against its rights issue of approximately Rs914.77 million, reflecting a strong subscription rate of 98.16%.
The subscription level demonstrates shareholders’ confidence in the company’s business strategy, growth prospects and expanding presence in Pakistan’s information and communications technology sector.
According to a notice submitted to the Pakistan Stock Exchange (PSX), only 1.84% of the rights issue remained unsubscribed following the completion of the subscription process.
The company had announced an 85% rights issue at Rs10 per share to raise approximately Rs915 million. The proceeds are intended primarily to strengthen STL’s working capital position, support the execution of larger and increasingly working-capital-intensive projects, and partially fund the consideration payable under the Share Purchase Agreement with Telecard Limited.
Supernet Technologies has been steadily expanding its portfolio across telecommunications infrastructure, information technology, cybersecurity and related technology solutions. The additional capital is expected to enhance its financial capacity to undertake larger projects and support the company’s future business growth.
The company has witnessed a significant transformation in its revenue mix over recent years, with non-service revenues rising from approximately Rs682 million in FY2021 to more than Rs5 billion in FY2025. Its services business also generated revenues exceeding Rs4.2 billion during FY2025, taking the company’s overall annual revenue to approximately Rs9.2 billion.
STL has also secured several major technology and cybersecurity projects, including a recent hardware and services project valued at approximately Rs1 billion, which is expected to be executed during FY2026 and FY2027.
Regarding the remaining unsubscribed rights, the company said these shares would be offered and allotted to persons considered suitable by its Board of Directors, in accordance with Section 83(1)(a)(iv) of the Companies Act, 2017. The underwriter would be approached only after completion of this process, if required.
The successful subscription brings Supernet Technologies closer to completing the capital-raising exercise and provides the company with additional financial resources to support its next phase of growth.
