Air Link announced in March 2026 that its subsidiary Select Technologies planned an IPO; the offer is now complete. Select Technologies raised Rs 3.02 billion by selling 88.9 million shares, and its shares listed on the Pakistan Stock Exchange (PSX) on July 13, 2026.
What Air Link announced in March 2026
In a material-information filing dated March 12, Air Link Communication Limited said its wholly owned subsidiary, Select Technologies Limited, had decided to raise capital through an initial public offering and seek a PSX listing, subject to applicable laws and exchange rules. Air Link named Arif Habib Limited as consultant to the issue and lead manager. Air Link’s filing
Select Technologies was incorporated in 2021. Its business includes manufacturing, assembly, distribution and retail of smartphones, mobile devices, home appliances, IT products and related goods in Pakistan. Its prospectus describes smartphone, smart-TV, air-conditioner and other consumer-appliance operations. Select Technologies prospectus
When did the IPO happen?
The announcement was followed by regulatory approvals, the offer and the listing. The PSX timeline records PSX approval on June 4, 2026, and Securities and Exchange Commission of Pakistan approval on June 9. Book building took place June 22–23, public subscription ran July 2–3, and trading began with the listing on July 13, 2026. PSX IPO timeline
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How many shares were offered and how much was raised?
Select Technologies offered 88,888,889 new ordinary shares, equal to 10% of post-IPO paid-up capital. The company’s prospectus set a floor price of Rs 28 per share, which implied expected proceeds of PKR 2,488,888,892 before the final price was determined. Select Technologies prospectus
Book building set the final strike price at Rs 34 per share, 21% above the Rs 28 floor. The offer raised Rs 3.02 billion, according to the Associated Press of Pakistan’s post-offering report. Air Link retained 90% of Select Technologies after the offer, according to the prospectus. The floor price and its proceeds estimate were planned offer terms; they are not the final price or amount raised. Associated Press of Pakistan post-offering report
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What does Select Technologies plan to do with the proceeds?
The prospectus allocated proceeds at the floor price across production equipment and working capital. It says any proceeds above the floor-price amount would also go to working capital. Select Technologies prospectus
| Allocation | Share | Amount at floor price | Stated purpose |
|---|---|---|---|
| Air-conditioner assembly | 25% | PKR 624,174,707 | Plant and machinery to add air-conditioner production capacity |
| Smartphone production | 17% | PKR 433,351,038 | Plant and machinery to update production equipment |
| Television production | 15% | PKR 373,116,320 | A large-scale TV assembly line and expanded production |
| Working capital | 43% | PKR 1,058,246,828 | Business funding, including inventory |
Why working capital is a large part of the offer
The issuer’s prospectus reported negative operating cash flow of PKR 4,037 million in FY2024 and PKR 2,964 million in FY2025, attributing the negative figures primarily to working-capital changes. It also reported FY2025 short-term borrowings of PKR 11,157 million and finance costs of PKR 2,396 million. These are historical disclosures in the company’s prospectus, not forward projections. They help explain why the prospectus directed 43% of the floor-price allocation to working capital, but do not establish how the company’s finances will develop after listing. Select Technologies prospectus
Risks disclosed in the prospectus
The prospectus identifies several risks relevant to the company and its use of the IPO proceeds:
- Borrowing costs: floating-rate borrowing could expose the company to changes in interest expense.
- Liquidity and working capital: the company needs funding for day-to-day requirements, including inventory.
- Technology obsolescence: production equipment and products may need to keep pace with technological change.
- Regulation and incentives: regulatory changes could affect incentives.
- Macroeconomic conditions: broader economic conditions may affect operations and demand.
These are risks identified by the issuer, not predictions that any particular event will occur. The final strike price, capital raised and listing date describe the completed offer; they do not by themselves establish investment performance or future value.
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