Select IPO oversubscribed by 3.2 times

Select Technologies Limited’s Initial Public Offering book-building process was fully subscribed at Rs34 per share, above the floor price of PKR 28 per share. The Company offered 66.67 million ordinary shares, and the offering was oversubscribed by 3.2 times. This strong demand reflects investor confidence in both Pakistan’s expanding smart devices and consumer electronics manufacturing sector and the Company’s growth potential.

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

Muzzaffar Hayat Piracha, Group CEO of Air Link Communication Limited, stated that the investor response demonstrates confidence in the Group’s long-term vision.

Select Technologies represents our commitment to building a stronger local manufacturing platform for smartphones, smart devices, and consumer electronics in Pakistan. The successful subscription of the book-building process is a vote of confidence in our strategy and our partnerships, he said.

Shahid Ali Habib, CEO of Arif Habib Limited, noted that the successful book-building indicates strong investor interest in fundamentally sound companies within high-growth sectors.

The strong response to Select Technologies’ IPO highlights investors’ confidence in Pakistan’s capital market and in companies that are contributing to import substitution, industrial growth, and local value addition. We are pleased to be associated with this transaction, he said.

The IPO proceeds will support the Company’s expansion plans and reinforce its position in Pakistan’s evolving consumer technology sector.