Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, plans to raise Rs. 2.489 billion through an initial public offering (IPO). The company aims to expand its technology manufacturing operations across Pakistan. Moreover, regulators have approved the public offering and its proposed structure.
The Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange approved the issuance of 88.89 million ordinary shares. The offering represents 10 percent of the company’s post-IPO paid-up capital. The company will conduct the IPO through the book-building method.
IPO Structure and Subscription Timeline
Select Technologies will offer 66.67 million shares to institutional and eligible investors through book building. These shares represent 75 percent of the total offering. The floor price stands at Rs. 28 per share, while the maximum bid price reaches Rs. 42.
Meanwhile, the remaining 22.22 million shares will be available for retail investors. The retail portion has received full underwriting. Registration for eligible investors will run from June 17 to June 23. Furthermore, the book-building process will take place on June 22 and June 23. Public subscription will open on July 2 and continue until July 3.
Company Plans Major Manufacturing Expansion
The company will use the IPO proceeds to establish an air conditioner manufacturing facility in Lahore’s Sundar Green Special Economic Zone. It will also expand television production capacity and invest in smartphone manufacturing equipment. Additionally, part of the funds will support working capital requirements.
Select Technologies assembles smartphones, smart televisions, air conditioners, and consumer appliances for global brands, including Xiaomi and Hisense. The company currently holds a 15.5 percent share of Pakistan’s smartphone assembly market. During fiscal year 2025, it produced 7.7 percent of all mobile devices manufactured nationwide.
Following the expansion, annual production capacity will reach seven million smartphones, 360,000 televisions, and 400,000 air conditioners. The new facility will also receive income tax exemptions until fiscal year 2035. Arif Habib Limited and Intermarket Securities Limited will jointly manage the IPO.
