Supernet Technologies Limited (PSX: STL) has received subscriptions of nearly Rs898 million against its rights issue of approximately Rs914.77 million, reflecting a subscription rate of 98.16 percent, according to a notice submitted to the Pakistan Stock Exchange (PSX). Only 1.84 percent of the rights issue remained unsubscribed following the completion of the subscription process, marking the final step in a capital raising exercise the company’s board first approved in principle back in June 2026. The company had announced an 85 percent rights issue at Rs10 per share to raise approximately Rs915 million, offering roughly 85 rights shares for every 100 ordinary shares held by existing shareholders.
The proceeds are intended primarily to build up STL’s working capital position, support execution of larger and increasingly working capital intensive projects, and partially fund the consideration payable under the Share Purchase Agreement with Telecard Limited, dated February 15, 2024, relating to Supernet Technologies’ acquisition of a 51 percent stake in Supernet Limited. Of the total proceeds, roughly half was earmarked to meet working capital requirements for existing and planned business initiatives, with the remainder going toward the Telecard payment. Telecard Limited, a director and substantial shareholder of Supernet Technologies, had previously committed to subscribing to its rights entitlement, with its board recommending an investment of up to Rs564.12 million in the issue back in June.
Supernet Technologies has been steadily expanding its portfolio across telecommunications infrastructure, information technology, cybersecurity, and related technology solutions, having formally absorbed Supernet Limited earlier in the year following a merger sanctioned by the Sindh High Court. 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, while its services business generated revenues exceeding Rs4.2 billion during the same fiscal year, taking 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, 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, with the underwriter to be approached only after completion of this process, if required. The successful subscription brings Supernet Technologies closer to completing its capital raising exercise and provides the company with additional financial resources to support its next phase of growth, as it continues expanding its presence in the United Arab Emirates and pursuing opportunities across the Middle East, Africa, and Central Asia alongside its operations in Pakistan.
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