Karachi: Nets International Communication Limited has successfully completed the utilization of funds raised through its initial public offering (IPO) to repay short-term financing obligations. This development, dated March 30, 2026, marks a significant milestone for the company as it aligns with the commitments outlined in its prospectus.

The company had committed to channeling all proceeds from the IPO towards repaying a short-term finance facility with Habib Metropolitan Bank Limited. The process commenced on May 30, 2025, with the release of all IPO funds to the company, and concluded on June 2, 2025, with the full utilization of proceeds for debt repayment. According to the progress report reviewed by the external auditors, M/s. Abdul Khaliq & Co., there were no delays in the implementation of this financial strategy.

According to information available from the Pakistan Stock Exchange (PSX), the gross proceeds from the IPO amounted to 36,760,000, with bank charges accounting for 50,906, resulting in net proceeds of 36,709,094. The report, prepared for the general manager of the PSX, confirms that the utilization of these proceeds strictly adhered to the principal purpose defined in the information memorandum.

The agreed-upon procedures, conducted in line with the International Standard on Related Services (ISRS) 4400 (Revised), revealed no discrepancies in the tracing of IPO amounts from bank statements or in the verification of repayment against short-term borrowings. The procedures were designed to assist the PSX in ensuring compliance with regulations 16(ii) & (iia) of Chapter VIII of the Public Offering Regulations, 2017.

This report, intended solely for Nets International Communication Limited and the PSX, underscores the company’s adherence to ethical requirements and quality management standards, as outlined by the International Standard on Quality Management (ISQM) 1.