KARACHI: Select Technologies Limited Initial Public Offering (IPO) has been fully subscribed in the book-building process at Rs 34 per share on June 23, which is higher than the floor price of Rs 28 per share.
The company offered 66.67 million ordinary shares, and the issue was oversubscribed by 3.2 times, showing strong investor demand and confidence in the business.
Select Technologies is a wholly owned subsidiary of Air Link Communication Limited. The company produces and assembles smartphones, smart TVs, air conditioners, and other home appliances in Pakistan. It also plans to grow further into higher margin consumer electronics and technology products.
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Group CEO of Air Link Communication Limited, Muzzaffar Hayat Piracha, said the strong response reflects trust in the group long term plan. He added that the company is focused on building a strong local manufacturing base for smartphones and consumer electronics in the country. He said the successful subscription is a clear sign of investor confidence in their strategy and partnerships.
Arif Habib Limited CEO Shahid Ali Habib said the response shows strong interest in solid companies working in fast growing sectors.
“The strong response to Select Technologies’ IPO highlights investors’ confidence in Pakistan capital market and in companies that are contributing to import substitution, industrial growth, and local value addition. We are pleased to be associated with this transaction,” Arif further said.
The funds raised from the IPO will support Select Technologies expansion plans and help strengthen its position in Pakistan growing consumer technology and electronics market.
