Select Technologies Limited, a Pakistani technology company that manufactures and assembles smartphones and consumer appliances, has raised PKR 3.02 billion through its initial public offering (IPO) after strong demand from institutional and retail investors.
The company offered 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital.
The IPO's floor price was set at PKR 28 per share, while demand during the book-building process pushed the strike price to PKR 34 per share, a 21% premium over the floor price.
According to Arif Habib Limited, the issue was 3.23 times oversubscribed and attracted participation from approximately 13,000 investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employee funds, brokerage houses, corporate investors, high-net-worth individuals and retail investors.
The company said the proceeds will be used to expand manufacturing capacity, invest in product innovation and strengthen its position in Pakistan's smartphone and consumer appliances market.
Speaking at the listing ceremony, Pakistan Stock Exchange Managing Director and CEO Farrukh H. Sabzwari said Select Technologies was the first company to list in the new fiscal year.
Sabzwari said FY2026 recorded 11 IPOs, the third-highest annual total in 25 years, raising USD 66 million. Average daily traded value reached a record USD 205 million, or about PKR 57 billion, across 537 listed companies.
He added that the stock market's capitalization reached a record PKR 21 trillion in January 2026 before ending the fiscal year at PKR 20.2 trillion, equivalent to 16% of Pakistan's GDP. The investor base also reached a record 583,052 accounts, with about 16,000 new accounts opened each month, compared with 5,290 per month a year earlier.
Securities and Exchange Commission of Pakistan Commissioner Zeeshan Rehman Khattak said the regulator remains focused on making the IPO process more efficient while maintaining investor protection and encouraging companies from growth sectors to access capital markets.
Air Link Communication Chairman Aslam H. Piracha said the listing reflected investor confidence in the group's business strategy and reaffirmed its commitment to corporate governance and transparency.
Select Technologies CEO Adnan Aftab said the listing marked a milestone for the company and would support its long-term growth plans, with a continued focus on innovation, product quality and expanding local manufacturing.
Arif Habib Limited CEO Shahid Ali Habib said the IPO's strong response from institutional and retail investors reflected confidence in the company's business model and growth prospects.
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