Select Technologies IPO: Company raises PKR 3.02 billion after strong investor demand

Select Technologies IPO has successfully raised PKR 3.02 billion, following strong participation from institutional and retail investors during both the Book Building and General Public Subscription phases.

The offering consisted of 88.9 million ordinary shares, representing 10% of the company’s post-issue paid-up capital. The IPO’s floor price was set at PKR 28 per share, while robust demand during book building pushed the strike price to PKR 34 per share, a 21% premium over the floor price.

The IPO attracted a broad range of investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employee funds, brokerage firms, corporate investors, high-net-worth individuals and retail participants, reflecting confidence in Select Technologies’ business model and long-term growth strategy.

The company, which manufactures and assembles smartphones and consumer appliances in Pakistan, said the funds raised will support the expansion of its manufacturing capacity, accelerate product innovation and strengthen its position in the domestic technology market.

The successful offering also signals increasing investor interest in Pakistan’s technology and manufacturing sectors while reinforcing confidence in companies contributing to local production and import substitution.

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Speaking at the listing ceremony, Pakistan Stock Exchange (PSX) Managing Director and CEO Farrukh H. Sabzwari described the listing as the first of the new fiscal year and welcomed Select Technologies to the exchange.

He noted that FY2026 was a milestone year for the PSX, with 11 IPOs—the third-highest annual total in 25 years—raising US$66 million. He added that the average daily traded value reached a record US$205 million (around PKR 57 billion), while market capitalisation peaked at PKR 21 trillion before closing the fiscal year at PKR 20.2 trillion, equivalent to 16% of GDP.

Securities and Exchange Commission of Pakistan (SECP) Commissioner Zeeshan Rehman Khattak said the regulator remains committed to simplifying the listing process while maintaining investor protection and encouraging companies from emerging sectors to access Pakistan’s capital markets.

AirLink Communication Chairman Aslam H. Piracha said the successful listing reflected strong investor confidence in the company’s strategy and reaffirmed the group’s commitment to transparency, governance and long-term value creation.

Select Technologies CEO Adnan Aftab described the listing as a significant milestone for the company, saying it strengthens the firm’s commitment to innovation, product quality and sustainable shareholder value while supporting Pakistan’s industrial growth.

Commenting on the transaction, Arif Habib Limited CEO Shahid Ali Habib said the IPO was 3.23 times oversubscribed and attracted participation from nearly 13,000 investors, demonstrating growing confidence in Pakistan’s capital markets and the company’s future prospects.