Supernet Technologies’ Rs915mn rights issue attracts 98.16% subscription

According to Business Recorder, Supernet Technologies (PSX: STL) has seen its rights issue, sized at about Rs914.77 million, attract close to Rs898 million in subscriptions. That leaves a 98.16 per cent take-up and only 1.84 per cent of the offer unsubscribed, based on a notice lodged with the Pakistan Stock Exchange on Monday. The company had earlier announced an 85 per cent rights issue priced at Rs10 per share, targeting roughly Rs915 million.

The proceeds will mainly boost working capital as the firm moves into larger projects that tie up more cash. Part of the money will also go toward the consideration under a share purchase agreement with Telecard Limited. Supernet operates across telecom infrastructure, IT, cybersecurity and related technology services, and the company expects the extra funds to widen its capacity for bigger contracts.

Revenue mix has shifted sharply: non-service revenue rose from about Rs682 million in FY2021 to more than Rs5 billion in FY2025. Services brought in over Rs4.2 billion in FY2025, lifting total annual revenue to roughly Rs9.2 billion. A recently secured hardware and services project worth around Rs1 billion is due to be executed across FY2026 and FY2027.