Where will the Select IPO go?

When Service Long March Tyres announced its Initial Public Offering (IPO), the market was already expecting it to be oversubscribed. Perhaps what no one expected was the sheer excitement that it would generate. During the book building stage in May 2026, the shares were subscribed in 5 seconds by institutional investors raising Rs 7.78 billion. This was the largest ever IPO in the history of the Pakistan Stock Exchange (PSX). 

The record it has now set originally belonged to Air Link Communications. The smartphone assembler and manufacturer had raised Rs 6.43 billion in lieu of 90 million shares during the bookbuilding stage of its IPO in September 2021. Back then, it had been oversubscribed by 1.64x. 

Now, in the middle of a series of IPOs hitting the PSX, Airlink is once again involved in an IPO. This time, its wholly owned subsidiary, Select Technologies, has made an offering. Select Technologies is a wholly owned subsidiary of Airlink and is involved in assembling smartphones under the brand name of Xiaomi. 

During the book-building phase, 66.67 million shares, equivalent to 75 percent of the total offer, were fully subscribed at a strike price of Rs34 per share. As the company moves forward as a publicly listed entity, what role will it play in the Air Link umbrella, and how did it fare in getting investors interested?