KARACHI: Telecard Limited will sell 25 per cent shares in its wholly owned subsidiary, Supernet through a mix of Initial Public Offering (IPO) and Offer for Sale of Shares (OFS) at the strike price to be determined through the book building process.
Supernet (SNL), a subsidiary of Telecard Limited, has announced to offer 18.343 million shares to the public by way of IPO on Pakistan Stock Exchange (PSX).
Supernet is offering its shares to the existing shareholders in proportion to their holdings, which would be renounced by Telecard Limited and thereafter be offered and issued to the public (including persons participating in the book building process), to the maximum extent of up to 18.343 million ordinary shares, representing 15.5 per cent post IPO paid-up capital of Supernet.
In addition Telecard will sell up-to 11.242 million ordinary shares representing 9.5 per cent post IPO paid-up capital of Supernet through an Offer for Sale of Shares (OFS) at the strike price to be determined through the book building process.
The OFS and IPO will result in the dilution of Telecard’s holding of SNL shares by 25 per cent. Telecard will be retaining 75 per cent shares of SNL post IPO.
Topline Securities Limited has been appointed to act as the Lead Manager & Book Runner to represent SNL for listing of the SNL’s share on PSX along with the OFS for the Telecard.
Telecard Limited is poised to leverage its inherent advantage in experienced and trained human resources, established inroads into enterprise segment and already functional business lines to explore opportunities in technology sector with a focus to enhance revenues, profitability and diversification of its revenue streams.
Cognizant of the emerging opportunities due to COVID, on a global basis, Telecard is expanding its footprint into enterprise security solutions and business process software platforms by forming global alliances and leveraging in house expertise to deliver best in class solutions to its customers through its subsidiaries.