KARACHI: Select Technologies Limited (SELECT), a leading Pakistani technology manufacturer, has successfully completed its initial public offering (IPO) after receiving strong investor interest during both the book-building and public subscription phases.
The company raised Rs3.02 billion through the offering, making it one of Pakistan’s largest technology-sector IPOs. Moreover, SELECT offered 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital.
Strong Investor Response Drives Premium Pricing
The IPO floor price stood at Rs28 per share. However, strong demand during book building pushed the strike price to Rs34 per share, reflecting a 21% premium over the initial price.
The offering attracted commercial banks, mutual funds, insurance firms, investment banks, pension funds, brokerage houses, corporate investors, high-net-worth individuals, and retail investors. As a result, the broad participation highlighted confidence in SELECT’s business model, expansion plans, and long-term growth potential.
Funds to Support Expansion and Innovation
The IPO proceeds will help SELECT expand manufacturing capacity, strengthen product innovation, and increase its presence in Pakistan’s smartphone and consumer appliance markets. Furthermore, the listing supports local manufacturing, import substitution, and the production of high-quality technology products made in Pakistan.
Pakistan Stock Exchange Managing Director Farrukh H. Sabzwari welcomed SELECT as the first listing of the new fiscal year and praised its contribution to domestic technology manufacturing. Meanwhile, Securities and Exchange Commission of Pakistan Commissioner Zeeshan Rehman Khattak said the listing demonstrated progress in expanding the country’s capital markets.
SELECT Chairman Aslam H. Piracha and Chief Executive Officer Adnan Aftab described the listing as a major milestone that strengthens governance, transparency, innovation, and sustainable shareholder value. Arif Habib Limited confirmed the IPO received 3.23 times subscription from around 13,000 investors, reflecting strong market confidence.
