KARACHI: Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, plans to raise Rs2.489 billion through an initial public offering (IPO) to fund expansion in its local manufacturing operations for smart devices and consumer appliances.
The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) have approved the publication of the prospectus for the offering of 88,888,889 ordinary shares, representing 10 per cent of the company’s post-IPO paid-up capital. The issue will be carried out through a book-building process.
Under the structure, 75 per cent of the issue, or 66,666,667 shares, will be offered to institutional and high-net-worth investors via book building at a floor price of Rs28 per share, with a maximum price band of up to 50 per cent, setting a cap price of Rs42 per share. The remaining 25 per cent, or 22,222,222 shares, will be offered to retail investors at the strike price determined through the book-building process. The retail portion will be fully underwritten.
Registration of investors will run from June 17 to June 23, 2026. The book-building process will take place on June 22 and June 23, while public subscription is scheduled for July 2 and July 3, 2026.
Arif Habib Limited and Intermarket Securities Limited are acting as joint consultants to the issue.Proceeds from the IPO will primarily be used to establish a production facility at the Sundar Green Special Economic Zone in Lahore for the manufacturing and assembly of air conditioners. Funds will also support expansion of the company’s television production line, investment in smartphone plant and machinery, and working capital requirements.
Select Technologies is engaged in the manufacturing and assembly of smartphones, smart TVs, air conditioners and other consumer appliances in Pakistan for international brands including Xiaomi and Hisense.
The company reports a 15.5 per cent share in the smartphone assembly sector and a 7.7 per cent share of total mobile device manufacturing in fiscal year 2025.Following expansion, Select Technologies expects its combined annual production capacity to reach seven million smartphones, 360,000 televisions and 400,000 air-conditioning units. The Sundar Green SEZ facility is also expected to benefit from an income tax exemption until FY2035.
