Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, has announced plans to raise Rs2.489 billion through an initial public offering (IPO) to support the expansion of its technology manufacturing operations in Pakistan.
The IPO has received approval from the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange. Under the approved structure, the company will issue 88.89 million ordinary shares, representing 10 percent of its post-IPO paid-up capital.
The offering will be conducted through the book-building method. Around 66.67 million shares, equivalent to 75 percent of the total offering, will be available to institutional and eligible investors at a floor price of Rs28 per share. The maximum bidding price has been set at Rs42 per share, 50 percent above the floor price.
The remaining 22.22 million shares will be offered to retail investors at the strike price determined through the book-building process. The retail portion of the IPO has been fully underwritten.
Registration for eligible investors will open on June 17 and continue until June 23, while the book-building process is scheduled for June 22 and June 23. Public subscription will take place on July 2 and July 3.
According to the company, the funds raised through the IPO will primarily be used to establish a new manufacturing facility at the Sundar Green Special Economic Zone for the production and assembly of air conditioners.
Additional investments will be directed toward expanding television manufacturing capacity, purchasing smartphone production machinery, and meeting working capital requirements.
Select Technologies currently manufactures and assembles smartphones, smart televisions, air conditioners, and other consumer appliances for global brands including Xiaomi and Hisense.
The company holds a 15.5 percent share of Pakistan’s smartphone assembly market and produced 7.7 percent of all mobile devices manufactured in the country during fiscal year 2025.
Following the planned expansion, Select Technologies expects its annual production capacity to reach 7 million smartphones, 360,000 televisions, and 400,000 air conditioner units. The company also expects to benefit from income tax exemptions available at the Sundar Green Special Economic Zone through fiscal year 2035.
The IPO will be jointly managed by Arif Habib Limited and Intermarket Securities Limited, which are serving as consultants to the issue.
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