STL secures 98% subscription for Rs915m rights issue

Subscriptions of nearly Rs898 million have come in for the rights issue of Supernet Technologies Limited (PSX: STL), which is about Rs914.77 million in size, Mettis Global reported. The offer reached a subscription rate of 98.16%, leaving 1.84% unsubscribed once the process was completed, according to a notice filed with the Pakistan Stock Exchange. The company had earlier set the 85% issue at Rs10 per share to raise roughly Rs915 million.

The proceeds are meant mainly to bolster working capital, which supports the execution of bigger projects that tie up more cash, and to partly fund the consideration under the Share Purchase Agreement with Telecard Limited. Remaining unsubscribed shares will go first to persons the board considers suitable, under Section 83(1)(a)(iv) of the Companies Act, 2017. The underwriter would only be approached afterwards, if required.

Revenue has grown quickly, with non-service revenue climbing from about Rs682 million in FY2021 to above Rs5 billion in FY2025. Services revenue topped Rs4.2bn in FY2025, lifting total yearly revenue to roughly Rs9.2bn. A recent hardware and services contract worth around Rs1bn is due to be delivered across FY2026 and FY2027.