Select Technologies Limited, a wholly owned subsidiary of Airlink Communication Limited, has announced plans to raise Rs. 2.489 billion through an initial public offering as the company seeks to expand its technology manufacturing operations in Pakistan, with the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange approving the issuance of 88.89 million ordinary shares representing 10 percent of the company’s post-IPO paid up capital.
The offering will be conducted through the book building method, with 66.67 million shares, amounting to 75 percent of the total offering, made available to institutional and eligible investors at a floor price of Rs. 28 per share and a maximum price band set 50 percent above that floor, allowing bids of up to Rs. 42 per share. The remaining 22.22 million shares will be offered to retail investors at the strike price determined through the book-building process, with the retail portion fully underwritten to provide certainty around subscription levels. Registration for eligible investors begins on June 17 and continues until June 23, with the book-building process scheduled for June 22 and 23, followed by public subscription on July 2 and 3.
According to the company, proceeds from the IPO will primarily fund the establishment of a new manufacturing facility at the Sundar Green Special Economic Zone in Lahore dedicated to the production and assembly of air conditioners. Additional funds will be allocated toward expanding television manufacturing capacity, investing in smartphone production machinery, and supporting working capital requirements across the company’s existing operations. Select Technologies currently manufactures and assembles smartphones, smart televisions, air conditioners, and other consumer appliances for global brands including Xiaomi and Hisense, holding a 15.5 percent share of Pakistan’s smartphone assembly market and accounting for 7.7 percent of total mobile devices manufactured in the country during fiscal year 2025.
Following the planned expansion, the company expects its annual production capacity to reach 7 million smartphones, 360,000 televisions, and 400,000 air conditioner units. The new Sundar Green facility is also expected to benefit from income tax exemptions through fiscal year 2035, a structural advantage that is likely to support profitability and long-term growth as the company scales up its manufacturing footprint. The IPO is being jointly managed by Arif Habib Limited and Intermarket Securities Limited, both of which are serving as consultants to the issue.
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