Select Technologies Becomes 1st PSX Listing of New Fiscal Year

Select Technologies Limited (“SELECT”), a leading Pakistani technology company engaged in the manufacturing and assembly of smartphones and consumer appliances, has successfully completed its Initial Public Offering (“IPO”), receiving a strong response from investors during both the book-building and general public subscription phases.

The IPO raised Rs. 3.02 billion, making it one of the most notable equity offerings in Pakistan’s technology sector. The offering comprised 88.9 million ordinary shares, representing 10% of SELECT’s post-issue paid-up capital.

The IPO floor price was set at Rs. 28.00 per share. Following healthy demand during the book-building process, the strike price was discovered at Rs. 34.00 per share, representing a 21% premium over the floor price.

The IPO attracted participation from a diverse range of investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employee funds, brokerage houses, high-net-worth individuals, corporate investors, and retail investors, reflecting broad-based confidence in SELECT’s business fundamentals, growth strategy, and long-term prospects.

The successful completion of SELECT’s IPO highlights the increasing depth of Pakistan’s capital markets and the growing investor appetite for companies operating in the country’s expanding technology and manufacturing ecosystem. It also reinforces confidence in businesses that are contributing to local manufacturing, import substitution, and the promotion of high-quality “Made in Pakistan” technology products.

The proceeds raised through the IPO will support SELECT’s strategic growth initiatives, including expanding its manufacturing capabilities, strengthening product innovation, and enhancing its market presence as it continues to deliver state-of-the-art smartphones and consumer appliances for the Pakistani market.

Mr. Farrukh H. Sabzwari, Managing Director and CEO of PSX, stated: “It is a privilege to welcome Select Technologies Limited to the Pakistan Stock Exchange. This gong ceremony marks the first listing of the new fiscal year, and it is a fitting one — a company that is designing and building high-quality tech-based products here in Pakistan.

“This listing follows a landmark year for the Exchange. FY2026 delivered 11 IPOs,  the third highest in 25 years, raising USD 66 million, while average daily traded value reached an all-time high of USD 205 million, approximately Rs. 57 billion, across 537 listed companies. Market capitalization touched a record PKR 21 trillion in January 2026, with the market closing the year at a market cap of Rs. 20.20 trillion, equivalent to 16% of GDP. Most encouraging of all is the widening base of participation: the investor base reached an all-time high of 583,052 accounts, with new accounts opened at an average of around 16,000 each month, compared to 5,290 in the previous year.

“With the KSE-100 Index having delivered an annualized return of 8.2% in US dollar terms since inception and an annualized return of 64% over the last three years in USD terms, ranking as the best-performing market in the region on the basis of three-year returns, our market continues to demonstrate both resilience and long-term growth. We congratulate the management of Select Technologies Limited and the AirLink Group and wish them every success as a listed company.”

Mr. Zeeshan Rehman Khattak, Commissioner, Securities and Exchange Commission of Pakistan, stated: “The SECP is committed to making the listing process seamless, as IPOs are a true growth path for companies. We continue to balance regulatory requirements with investor protection while encouraging forward-looking sectors to access the capital markets. The listing of Select Technologies Limited reflects commendable progress in diversifying Pakistan’s economy and strengthening its capital market ecosystem.”

Commenting on this milestone achievement, Mr. Aslam H. Piracha, Chairman, AirLink Communication Limited, stated: “Today’s gong ceremony at the Pakistan Stock Exchange marks a significant milestone for Select Technologies Limited and the AirLink Group. Our successful listing reflects strong investor confidence in our strategy and capabilities. We are committed to the highest standards of governance and transparency. This step further strengthens our partnership with Pakistan’s capital markets. We thank our investors, SECP, and PSX for their continued support.”

Mr. Adnan Aftab, Chief Executive Officer, Select Technologies Limited, stated: “The listing of Select Technologies Limited on PSX is a proud moment for our entire team. It validates our journey as a leading local manufacturer in the consumer technology space. We aim to deliver sustainable long-term value to our shareholders. Our focus remains on innovation, quality, and customer trust. This milestone energizes us to play an even larger role in Pakistan’s industrial growth.”

Mr. Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, commented on the successful IPO, stating: “We are pleased to have successfully concluded the IPO of Select Technologies Limited. The strong response from both institutional and retail investors, resulting in a 3.23x oversubscription, reflects the market’s confidence in SELECT’s business model and growth potential. The IPO witnessed participation from around 13,000 investors, underscoring the growing depth and confidence of Pakistan’s capital market. We congratulate the management of Select Technologies Limited on this successful transaction and sincerely thank all investors and stakeholders for their continued trust and support.”