Air Link subsidiary aims to boost local manufacturing of smartphones, TVs, and appliances through major IPO plan
Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, has announced plans to raise Rs2.489 billion through its Initial Public Offering (IPO) as part of its strategy to strengthen and expand local manufacturing capabilities for smartphones, smart televisions, air conditioners, and other consumer electronics in Pakistan.
According to official approvals, the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) have cleared the issuance, circulation, and publication of the IPO prospectus involving 88,888,889 ordinary shares, representing 10 percent of the post-IPO paid-up capital, to be offered through the book-building mechanism.
Under the approved structure, 75 percent, comprising 66,666,667 shares, will be offered through book building at a floor price of Rs28 per share and a cap of Rs42 per share.
The remaining 25 percent, or 22,222,222 shares, will be offered to retail investors at the strike price determined after book building, and the retail portion is fully underwritten.
Registration of eligible investors will run from June 17 to June 23, 2026, book building takes place on June 22 and June 23, 2026, and public subscription on July 2 and July 3, 2026.
Arif Habib Limited and Intermarket Securities Limited are acting as joint consultants to the issue, supporting the IPO structuring, book building process, and investor engagement activities.
Proceeds from the IPO will primarily be used to establish a new state-of-the-art production facility at the Sundar Green Special Economic Zone in Lahore, dedicated to air conditioner manufacturing and assembly.
Funds will also support expansion of television production line, investment in smartphone plant machinery, and working capital requirements.
SELECT manufactures and assembles smartphones, smart TVs, air conditioners, and other consumer electronics in Pakistan for global brands like Xiaomi and Hisense.
The company holds a position in the technology manufacturing sector with a 15.5 percent share in smartphone assembly and 7.7 percent share of total mobile device production in FY2025.
After expansion, annual capacity will reach 7 million smartphones, 360,000 televisions, and 400,000 air-conditioner units. The Sundar Green SEZ facility will provide income tax exemption benefits until FY2035, supporting profitability and long-term shareholder value.
