Select Technologies raises Rs3.02bn through IPO after strong investor response

Select Technologies Limited (SELECT), a Pakistani manufacturer of smartphones and consumer appliances, has successfully completed its initial public offering (IPO), raising Rs3.02 billion after attracting strong demand from institutional and retail investors, the Pakistan Stock Exchange (PSX) said in a statement.

The company offered 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital. The IPO was priced through a book-building process in which the strike price was discovered at Rs34 per share, 21% above the floor price of Rs28.

According to the company, the IPO was oversubscribed 3.23 times and drew participation from around 13,000 investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employees’ funds, brokerage houses, corporate investors, high-net-worth individuals and retail investors.

The proceeds will be used to expand SELECT’s manufacturing capacity, strengthen product innovation and enhance its market presence in Pakistan’s consumer technology sector.

Speaking at the PSX gong ceremony, PSX Managing Director and CEO Farrukh H. Sabzwari said SELECT’s listing marked the first IPO of the new fiscal year and reflected growing confidence in Pakistan’s technology manufacturing sector.

He said FY2026 witnessed 11 IPOs—the third-highest annual total in 25 years—raising $66 million, while the investor base reached a record 583,052 accounts.

Securities and Exchange Commission of Pakistan (SECP) Commissioner Zeeshan Rehman Khattak said the regulator remained committed to making the listing process more efficient while maintaining investor protection and encouraging companies from emerging sectors to access capital markets.

AirLink Communication Limited Chairman Aslam H. Piracha said the successful listing reflected investor confidence in the company’s strategy and reaffirmed its commitment to strong corporate governance and transparency.

Select Technologies CEO Adnan Aftab described the listing as a major milestone that would support the company’s long-term growth plans and strengthen its role in Pakistan’s consumer technology industry.

Arif Habib Limited, the lead manager to the issue, said the strong response from both institutional and retail investors demonstrated confidence in SELECT’s business model and the growing depth of Pakistan’s capital market.