The public subscription for the initial public offering (IPO) of Select Technologies Limited will open on July 2 and continue until July 3, following the completion of the book-building process.
Select Technologies, a wholly owned subsidiary of Air Link Communication Limited, is offering 88.88 million ordinary shares, representing 10 percent of its post IPO paid up capital.
Of the total offering, 66.66 million shares, or 75 percent, were allocated during the book building phase, which was fully subscribed at a strike price of Rs. 34 per share. The remaining 22.22 million shares, or 25 percent, will now be offered to retail investors at the same price.
The company manufactures and assembles smartphones, smart TVs, and air conditioners in Pakistan. It also manufactures products under partnerships with international brands, including Xiaomi and Hisense.
According to Air Link Group CEO Muzaffar Hayat Paracha, the book building process was fully subscribed. Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the response reflected investor interest during the institutional offering.
Applications can be submitted through the CDC Centralized Subscription Portal and the Pakistan Stock Exchange e IPO Service until 11:59 pm on July 3.
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