The initial public offering (IPO) of Select Technologies Limited attracted strong investor interest, with the public subscription oversubscribed by 1.73 times, according to tentative subscription figures submitted to the Pakistan Stock Exchange (PSX).
The IPO, which remained open for public subscription on July 2 and 3, received applications for 38.43 million shares against the 22.22 million shares offered. A total of 12,186 applications were submitted, representing investments worth approximately Rs. 1.31 billion.
According to the tentative allotment summary, investors who applied for 500, 1,000, 1,500, and 2,000 shares will receive full allocation. Applicants seeking more than 2,000 shares will be allotted shares on a pro-rata basis due to excess demand.
The highest demand came from investors applying for more than 2,000 shares, with 1,214 applications requesting 25.38 million shares valued at nearly Rs. 863 million. The IPO also received 3,391 applications for 500 shares, 3,350 applications for 1,000 shares, 912 applications for 1,500 shares, and 3,319 applications for 2,000 shares.
The subscription figures remain tentative and were compiled by CDC Share Registrar Services Limited using applications received through the Pakistan Stock Exchange and CDC eIPO platforms.
Earlier, the company’s book-building phase was oversubscribed 3.2 times, with institutional investors discovering a strike price of Rs. 34 per share, above the floor price of Rs. 28.
Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, manufactures smartphones, smart televisions, air conditioners, and other consumer appliances in Pakistan. The company plans to utilize the IPO proceeds to expand its presence in higher-margin consumer technology and home appliance segments.
