Select Technologies IPO book-building oversubscribed 3.2 times at Rs34 per share

Select Technologies Limited’s initial public offering book-building process was oversubscribed by 3.2 times, with the issue fully subscribed at Rs34 per share, above the floor price of Rs28 per share.

The company offered 66.67 million ordinary shares through the book-building process.

The response reflected investor interest in Pakistan’s smart devices and consumer electronics manufacturing sector, as well as the company’s expansion plans.

Select Technologies Limited is a wholly owned subsidiary of Air Link Communication Limited. The company 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, said the investor response showed confidence in the group’s long-term plan.

“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, said the book-building response indicated investor interest in companies operating in 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 be used to support Select Technologies Limited’s expansion plans and strengthen its position in Pakistan’s consumer technology sector.