KARACHI: Supernet Technologies Limited has secured subscriptions of nearly Rs898 million against a rights issue of approximately Rs914.77 million, a take-up rate of 98.16 per cent, according to a notice the company submitted to the Pakistan Stock Exchange.
The filing, disclosed on Sunday, stated that only 1.84 per cent of the issue remained unsubscribed once the subscription process closed. The company described the response as a reflection of shareholder confidence in its business strategy, growth prospects and expanding footprint in Pakistan’s information and communications technology sector.
The company, listed on the bourse under the symbol STL, had announced an 85 per cent rights issue priced at Rs10 per share, targeting roughly Rs915 million in fresh capital.
According to the official statement, the proceeds are earmarked for three purposes: strengthening the company’s working capital position, supporting the execution of larger and increasingly working-capital-intensive projects, and partially funding the consideration payable under a Share Purchase Agreement with Telecard Limited.
The emphasis on working capital is not boilerplate. Systems integration and infrastructure contracts in Pakistan typically require the vendor to fund hardware procurement, deployment and support well ahead of milestone payments, which means balance sheet capacity often determines which bids a firm can credibly enter.
That constraint has tightened across Pakistan’s corporate sector in recent years, with financing costs and liquidity pressures in the wider economy shaping how companies plan capital structures. An equity raise, rather than additional borrowing, leaves the company’s interest burden unchanged while expanding its bidding headroom.
The company’s disclosure pointed to a substantial change in where its money now comes from. Non-service revenues rose from approximately Rs682 million in FY2021 to more than Rs5 billion in FY2025.
Over the same financial year, the services business generated revenues exceeding Rs4.2 billion. Taken together, that put the company’s overall annual revenue at approximately Rs9.2 billion in FY2025.
The trajectory points to a business that has grown fastest on the hardware, integration and product side, while retaining a services base that has historically anchored its recurring income.
Supernet Technologies has been widening its portfolio across telecommunications infrastructure, information technology, cybersecurity and allied technology solutions, the statement said.
Among recent wins, the company cited a hardware and services project valued at approximately Rs1 billion, which it expects to execute across FY2026 and FY2027. Contracts of that size are precisely the type that draw down working capital before they generate cash, underlining the rationale offered for the rights issue.
On the residual 1.84 per cent, the company said the remaining 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.
The underwriter would be approached only after that process is completed, and only if required, the notice added. In practice, a near-full subscription of this kind reduces the likelihood that underwriting support will be called upon at all.
For a mid-cap technology counter, a 98.16 per cent take-up is a meaningful vote of confidence from existing shareholders, who were being asked to put in fresh money rather than simply hold a position.
Completion of the exercise leaves the company with additional financial capacity as it moves into the Telecard transaction and a heavier FY2026 execution schedule.
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