LAHORE: Supernet Technologies Limited (STL) is moving to strengthen its working-capital capacity as a growing pipeline of large technology and infrastructure projects pushes up funding requirements ahead of execution, according to an official statement issued by the company.
The listed technology firm is undertaking an 85 percent rights issue priced at Rs10 per share to raise approximately Rs915 million. The company stated that the proceeds are primarily aimed at supporting working capital and enabling STL to undertake a larger number of projects simultaneously. The exercise will result in the issuance of roughly 91.5 million new shares.
The timing reflects a structural change in how STL earns its revenue. Large technology contracts typically require upfront procurement of equipment, payments to local and international vendors, mobilisation costs and performance guarantees — often months before the first customer payment arrives. The bigger the contract, the longer that cash gap stretches.
That makes the raise less a top-up for routine operating expenses and more a balance-sheet measure designed to convert a growing order book into recognised revenue without straining liquidity. Part of the proceeds will also be applied to existing corporate obligations, which the company said would strengthen its overall financial position.
STL has expanded well beyond its traditional connectivity and managed-services base, moving into ICT and communications infrastructure, cybersecurity, satellite connectivity and enterprise technology solutions for corporate and government clients.
The financial trail of that pivot is visible in its project-based business. Non-service revenues rose from around Rs682 million in FY2021 to more than Rs5 billion in FY2025 — a shift that points to a sharp increase in both average project size and the breadth of the company’s technology portfolio.
The company has secured a contract worth approximately Rs1 billion covering hardware and services tied to the modernisation of critical communications infrastructure for a major organisation in Pakistan. Execution is expected during FY2026-27, with the project contributing to revenue and profitability across that period.
Separately, STL’s cybersecurity subsidiary has landed a five-year, multi-million-dollar contract with one of Pakistan’s largest banks for an advanced cybersecurity solution. The award follows the completion of an earlier five-year engagement with the same customer — a renewal pattern that carries weight in a segment where financial institutions rarely change security vendors without cause.
Alongside its domestic growth, STL has initiated its first satellite connectivity deployment in Africa, part of a broader effort to take its communications and technology capabilities into overseas markets. For a Pakistani technology firm, an African satellite deployment represents both a revenue diversification play and a test of whether locally built delivery capability can compete on international terms.
The capital raise arrives after the merger of Supernet Limited into STL and the company’s transition to the Main Board of the Pakistan Stock Exchange. Together, those steps give the group a broader operating platform, improved market visibility and a larger addressable market as it enters FY2026-27.
For investors, the rights issue frames a familiar question in growth-stage technology businesses: whether a company scaling into larger, longer-cycle contracts can fund the working-capital gap while maintaining financial discipline. STL’s position is that the injection does precisely that — supporting the balance sheet so that an expanding pipeline can be translated into delivered projects and booked revenue.
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