Select Technologies raises Rs3.02bn through IPO after strong investor response

Select Technologies Limited (SELECT), a Pakistani manufacturer of smartphones and consumer appliances, has successfully completed its initial public offering (IPO), raising Rs3.02 billion after attracting strong demand from institutional and retail investors, the Pakistan Stock Exchange (PSX) said in a statement. The company offered 88.9 million ordinary shares, representing 10% of its post-issue paid-up capital. The IPO was priced through a book-building process in which the strike price was discovered at Rs34 per share, 21% above the floor price of Rs28. According to the company, the IPO was oversubscribed 3.23 times and drew participation from around 13,000 investors