KARACHI: Select Technologies Limited (STL), a Pakistani consumer electronics manufacturer, has raised Rs3.2 billion ($11.5 million) in its Initial Public Offering (IPO), the first offering of fiscal year 2026-27, attracting strong interest from a broad range of investors, the Pakistan Stock Exchange (PSX) said on Monday.
STL assembles and manufactures smartphones and other consumer electronics in Pakistan, and has partnerships with brands such as Xiaomi for smartphone production as part of a broader push to boost local electronics manufacturing and reduce the country’s reliance on imported finished devices.
PSX said the IPO comprised 88.9 million ordinary shares, representing 10 percent of STL’s post-issue paid-up capital. The floor price was initially set at Rs28 per share, but strong demand during the book-building process led to the discovery of a strike price of Rs34 per share, representing a 21 percent premium.
“The listing of Select Technologies Limited on PSX is a proud moment for our entire team. It validates our journey as a leading local manufacturer in the consumer technology space,” STL CEO Adnan Aftab was quoted as saying by the PSX.
“We aim to deliver sustainable long‑term value to our shareholders. Our focus remains on innovation, quality, and customer trust. This milestone energizes us to play an even larger role in Pakistan’s industrial growth.”
STL’s successful IPO underscored the growing depth of Pakistan’s capital markets and rising investor interest in technology manufacturing firms driving local production, import substitution and “Made in Pakistan” products, according to the statement.
Fiscal Year 2026, which ended in June, delivered 11 IPOs that raised Rs18.3 billion ($66 million), with the average traded value reaching an all-time high of Rs57 billion ($205 million) across 537 listed companies.
“This Gong Ceremony marks the first listing of the new fiscal year, and it is a fitting one — a company that is designing and building high-quality tech-based products here in Pakistan,” PSX CEO Farrukh H. Sabzwari said.
On July 1, Pakistan’s securities regulator said that stock market listings raised more than Rs20 billion ($71 million) in the first half of 2026 as Islamabad moves to deepen capital markets and encourage companies to seek equity funding over bank loans.
Pakistan has sought to encourage greater participation in its capital markets in recent years through regulatory reforms, digitalization initiatives, and measures aimed at making it easier for companies to raise funds through public listings.
