Select Technologies: Select Technologies raises Rs3.02 billion through successful IPO

Select Technologies Limited has successfully completed its initial public offering (IPO), raising Rs3.02 billion after attracting strong demand from institutional and retail investors. The offering was oversubscribed 3.23 times, highlighting growing investor confidence in Pakistan’s technology and manufacturing sectors.

The company, a leading Pakistani manufacturer and assembler of smartphones and consumer appliances, offered 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital.

The IPO had a floor price of Rs28 per share. Strong demand during the book-building process increased the strike price to Rs34 per share, a premium of 21% over the floor price.

The public offering attracted commercial banks, mutual funds, insurance companies, investment banks, pension and employee funds, brokerage firms, high-net-worth individuals, corporate investors and retail investors. Nearly 13,000 investors participated in the IPO, reflecting broad confidence in the company’s business model, strategy and long-term growth prospects.

The company said the proceeds will fund strategic expansion plans, including increasing manufacturing capacity, accelerating product innovation and expanding its market presence to deliver advanced smartphones and consumer appliances in Pakistan.

Select Technologies said the successful IPO also demonstrates the increasing depth of Pakistan’s capital market and growing investor interest in companies supporting local manufacturing, import substitution and high-quality “Made in Pakistan” technology products.

Pakistan Stock Exchange Managing Director and Chief Executive Officer Farrukh H. Sabzwari welcomed the company to the exchange and described the listing as the first of the new financial year. He said FY2026 recorded 11 IPOs that raised $66 million, making it the third-highest annual IPO count in the past 25 years.

Sabzwari added that the exchange recorded an average daily trading value of $205 million during the year, while market capitalisation reached a record Rs21 trillion in January 2026 before closing the fiscal year at Rs20.20 trillion. Investor accounts also climbed to a record 583,052, with an average of nearly 16,000 new accounts opened each month.

Securities and Exchange Commission of Pakistan Commissioner Zeeshan Rehman Khattak said the regulator remains committed to simplifying the listing process while maintaining investor protection. He said the listing represents another positive step towards strengthening Pakistan’s capital market and diversifying the economy.

Air Link Communication Chairman Aslam H. Parcha said the successful listing reflects investors’ confidence in the group’s strategy and reinforces its commitment to corporate governance and transparency.

Select Technologies Chief Executive Officer Adnan Aftab described the listing as a milestone for the company, saying it strengthens its position as a leading local consumer technology manufacturer. He added that the company remains focused on innovation, quality and creating sustainable long-term value for shareholders.

Arif Habib Limited Chief Executive Officer Shahid Ali Habib said the IPO’s 3.23-times oversubscription demonstrates strong market confidence in the company’s growth potential. He added that participation by nearly 13,000 investors reflects the growing depth and maturity of Pakistan’s capital market.