SELECT secures Rs3.02bn in IPO as investor demand exceeds offer by over three times

Select Technologies Limited (SELECT) has successfully concluded its initial public offering (IPO), raising Rs3.02 billion after the issue was oversubscribed 3.23 times, underscoring strong demand from institutional and retail investors for the technology manufacturer’s shares.

According to a statement issued by the Pakistan Stock Exchange (PSX), the company sold 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital. Through the book-building process, the strike price was set at Rs34 per share, 21% above the floor price of Rs28.

The offering attracted participation from approximately 13,000 investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employees’ funds, brokerage firms, corporate investors, high-net-worth individuals and retail investors.

The company said the funds raised through the IPO will be utilised to increase manufacturing capacity, support new product development and strengthen SELECT’s position in Pakistan’s consumer technology industry.

Speaking at the PSX gong ceremony, Managing Director and Chief Executive Officer Farrukh H. Sabzwari said the listing marked the first IPO of the new fiscal year, highlighting continued investor confidence in Pakistan’s technology manufacturing sector.

He added that FY2026 saw 11 IPOs, making it the third-most active year for new listings in the past 25 years, with companies collectively raising $66 million, while the investor base expanded to a record 583,052 accounts.

Addressing the ceremony, Securities and Exchange Commission of Pakistan (SECP) Commissioner Zeeshan Rehman Khattak said the regulator remained committed to simplifying the listing process without compromising investor protection, while encouraging companies from emerging industries to access the capital market.

AirLink Communication Limited Chairman Aslam H. Piracha said the successful offering demonstrated investors’ confidence in the company’s long-term strategy and reaffirmed its commitment to maintaining strong standards of corporate governance and transparency.

Meanwhile, SELECT Chief Executive Officer Adnan Aftab described the IPO as a landmark achievement that would help drive the company’s long-term growth plans and further strengthen its presence in Pakistan’s consumer technology market.

Arif Habib Limited, the lead manager to the offering, said the robust response from both institutional and retail investors reflected confidence in the company’s business model while highlighting the increasing maturity and depth of Pakistan’s capital market.