KARACHI: Select Technologies Limited (SELECT), a wholly-owned subsidiary of Air Link Communication Limited, has announced plans to raise up to Rs2.489 billion through an Initial Public Offering (IPO) to finance the expansion of its technology manufacturing operations, including the establishment of a new air-conditioner production facility and enhancement of its existing smartphone and television manufacturing capabilities.
This will be the 11th IPO of current year alone.
The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) have approved the issuance, circulation and publication of the prospectus for the offering of 88.89 million ordinary shares, representing 10 percent of the company’s post-IPO paid-up capital.
The shares will be offered through the book-building mechanism. Under the approved structure, 75 percent of the issue, comprising 66.67 million shares, will be allocated to institutional investors and high-net-worth individuals through book building at a floor price of Rs28 per share. The company has set a maximum price band of 50 percent, implying a cap price of Rs42 per share.
The remaining 25 percent, consisting of 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 will be fully underwritten.
The registration period for eligible investors will commence on June 17 and continue until June 23, while the book-building process will be conducted on June 22 and June 23. Public subscription will open on July 2 and close on July 3, 2026.
Arif Habib Limited and Intermarket Securities Limited are acting as joint consultants to the issue.
The company said the IPO proceeds would primarily be utilised to establish a new state-of-the-art manufacturing and assembly facility for air conditioners at Sundar Green Special Economic Zone (SEZ) in Lahore.
The funds will also be used to expand its television production line, invest in additional smartphone plant and machinery and meet working capital requirements.
Select Technologies is engaged in the local manufacturing and assembly of smartphones, smart televisions, air conditioners and other consumer appliances for globally recognised brands, including Xiaomi and Hisense.
The company said it has already established a significant presence in Pakistan’s technology manufacturing sector, holding a 15.5 percent share of the smartphone assembly market and accounting for 7.7 percent of total mobile devices manufactured in the country during FY2025.
Following the planned expansion, SELECT’s total annual production capacity is expected to reach 7 million smartphones, 360,000 television sets and 400,000 air-conditioner units.
The company added that the Sundar Green SEZ facility would also provide strategic tax advantages, including income tax exemption until FY2035, which is expected to support profitability and enhance long-term shareholder value.
Copyright Business Recorder, 2026
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