KARACHI: Technology company Supernet Ltd raised 475 million rupees in the bookmaking process on the board of Pakistan Stock Exchange’s Growth Enterprise Market (GEM) on Wednesday.
The offer was oversubscribed 1.4 times while the strike price remained at 22.50 rupees per share, which was also the floor price, according to a statement from the company.
The first ever GEM listing of a technology company has received an encouraging response from institutional investors, Roshan Digital account holders, overseas institutions and high net worth individuals.
The issue consisted of 21.1 million ordinary shares representing 18.81% of the total post-listing shareholding.
The entire issue was offered through a bookbuilding at a floor price which included a premium of Rs 12.50 per share.
“This bid will help kick-start new listings on the PSX. There is a lot of demand for tech stocks and that is why we have seen higher than expected bids in Supernet Ltd’s bookbuilding,” said Mohammed Sohail, CEO of Topline Securities, who served as adviser and bookrunner on the matter.
The telecommunications sector demands policy coherence
The telecommunications industry has called on the government to ensure policy coherence to protect investment plans and maintain business viability for technology and infrastructure growth.
While announcing the financial result on Wednesday in Islamabad, PTCL Group CFO Nadeem Khan said the withholding tax was to be reduced to 8.5% in the next budget in line with the policy announced by the PTI government in the 2021-22 budget.
“The PTI government had announced the reduction of withholding tax (WHT) on mobile phone calls in June 2021, but later the decision was reversed when the mini budget was announced in December 2021,” said Mr Khan.
Posted in Dawn, April 14, 2022