Select Technologies Limited has successfully completed the book-building phase of its initial public offering on the Pakistan Stock Exchange, with the strike price set at Rs 34 per share, representing a 21 percent premium over the floor price of Rs 28. The two-day book-building window, which ran on June 22 and 23, 2026, saw 75 percent of the shares on offer subscribed by institutional and high-net-worth investors, confirming sufficient market interest to proceed to the general public subscription phase.
The public subscription for the remaining shares will open on July 2, 2026 and close on July 3, 2026, giving retail investors a two-day window to apply for shares in Pakistan’s first standalone mobile and smart devices assembler. At the strike price of Rs 34, Select Technologies is valued at a premium to the book-building floor while remaining below the Rs 42 ceiling of the price band, suggesting institutional investors found the company’s growth story credible but were not willing to pay the maximum implied valuation. The joint consultants’ discounted cash flow model had placed fair value at Rs 46.75 per share, meaning the Rs 34 strike price still represents a meaningful discount to the analyst-derived intrinsic value, which may attract retail investors looking for upside potential at the time of listing.
Select Technologies is Pakistan’s first standalone smartphone assembler, producing devices under the Xiaomi brand through a manufacturing partnership dating back to 2021. The company also assembles Hisense smart televisions and plans to expand into air conditioner assembly at its new facility at the Sundar Green Special Economic Zone in Punjab, which will bring a full decade of tax exemption through financial year 2035. Airlink Communication, which holds approximately 90 percent of the company’s shares as pre-IPO sponsor, is not selling any of its stake in this offering, meaning the entire proceeds from the Rs 2.46 billion raise at floor price, and correspondingly more at the Rs 34 strike price, flow entirely to the company for deployment across working capital, machinery for air conditioner assembly, and smartphone and television production equipment.
For investors participating in the public subscription on July 2 and 3, the key variables to monitor include the listing-day premium over the Rs 34 strike price, the pace of progress on the Sundar SEZ facility, and any updates on the Zexo Technologies conflict of interest that was disclosed in the prospectus. Retail applicants can submit applications through their brokerage accounts or the online subscription platforms available on the Pakistan Stock Exchange during the two-day window.
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