Book-Building Begins for Air Link Subsidiary’s IPO

Book building for the Initial Public Offering of Select Technologies Limited opened at the Pakistan Stock Exchange on Monday and will continue through June 23, adding another technology-focused company to the local bourse.

The company, a wholly owned subsidiary of Air Link Communication Limited, is offering 88.88 million ordinary shares, equivalent to 10 percent of its post IPO paid up capital. The floor price has been fixed at Rs. 28 per share, valuing the base issue at about Rs. 2.49 billion.

Under the 50 percent price band mechanism, the strike price can rise to Rs. 42 per share, which would increase the total size of the offering to nearly Rs. 3.73 billion. Registration of eligible investors began on June 17 and will remain open until June 23. The book building process is scheduled for June 22 and June 23, while the public subscription phase will take place on July 2 and July 3.

The company plans to use the proceeds to expand its presence in Pakistan’s consumer technology and electronics manufacturing sector. The funds will support the establishment of an air conditioner manufacturing facility and the expansion of its smart TV production line.

Select Technologies manufactures and assembles smartphones, smart TVs, air conditioners, and other consumer appliances. It has partnerships with global brands such as Xiaomi and Hisense, strengthening its position as Pakistan moves toward greater local production of consumer electronics.

Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the offering highlights increasing investor interest in technology driven manufacturing businesses. He said Select Technologies offers investors an opportunity to benefit from the country’s growing electronics manufacturing ecosystem, supported by rising demand for smart devices, household appliances, and import substitution initiatives.

Arif Habib Limited and Intermarket Securities Limited are serving as joint consultants to the issue.