Select Technologies IPO Oversubscribed 3.2x

Select Technologies Limited’s initial public offering attracted strong investor interest, with its book-building process oversubscribed by 3.2 times and clearing at Rs. 34 per share, above the floor price of Rs. 28.

The company offered 66.67 million ordinary shares during the book building phase. The higher strike price and oversubscription reflect growing investor confidence in Pakistan’s expanding consumer electronics manufacturing sector and the company’s growth prospects.

Select Technologies, a wholly owned subsidiary of Air Link Communication Limited, manufactures and assembles smartphones, smart televisions, air conditioners, and other consumer appliances in Pakistan. The company is also planning to expand into higher-margin consumer technology and home appliance segments.

Group Chief Executive Officer of Air Link Communication Limited, Muzzaffar Hayat Piracha, said the investor response demonstrates confidence in the group’s long term vision and strategy to strengthen local manufacturing of smartphones, smart devices, and consumer electronics.

Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the successful book building process highlights investor appetite for fundamentally strong companies operating in high growth sectors. He added that businesses contributing to import substitution, industrial development, and local value addition continue to attract market interest.

The proceeds from the IPO will be used to support Select Technologies’ expansion plans and strengthen its position in Pakistan’s evolving consumer technology market.