KARACHI: The Board of Directors of Telecard Limited, in its meeting held on Tuesday has decided that its subsidiary, Supernet Limited (SNL) may be listed on the Pakistan Stock Exchange.

The SNL’s listing may be by means of SNL offering its shares to the existing shareholders in proportion to their holdings, which shall be renounced by the company and thereafter be offered and issued to the public (including persons participating in the book building process), to the maximum extent of up to 18,343,195 ordinary shares, representing 15.5 percent post IPO paid-up capital of SNL as and by way of an Initial Public Offering at the Strike Price to be determined through the Book Building process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX.

The company selling up to 11,242,604 ordinary shares representing 9.5 percent post IPO paid-up capital of SNL through Offer for Sale (OFS) of shares at the stick price to be determined through the Book Building process in accordance with the Public Offering Regulations, 2017 and applicable regulations of the Rule Book of the PSX, and the OFS and IPO will result in the dilution of the Company’s holding of SNL shares by 25 percent. The company will be retaining 75 percent shares of SNL post IPO.

Further, Topline Securities Limited has been appointed to act as the Lead Manager and Book Runner to represent SNL for listing of the SNL’s shares on PSX along with the OFS for the Company and for carrying out all services of Lead Manager and Book Runner including obtaining approvals from PSX and Securities and Exchange Commission of Pakistan.

Copyright Business Recorder, 2021