The Select Technologies IPO has raised Rs3.2 billion, or roughly $11.5 million, in the first Initial Public Offering of fiscal year 2026-27, attracting strong interest from a broad range of investors, the Pakistan Stock Exchange said on Monday. Select Technologies Limited, known as STL, is a Pakistani consumer electronics manufacturer that assembles smartphones and other devices domestically, including through a partnership with Xiaomi, as part of a wider push to boost local electronics manufacturing and reduce the country’s reliance on imported finished devices.
How the Select Technologies IPO Was Structured
According to the Pakistan Stock Exchange, the Select Technologies IPO comprised 88.9 million ordinary shares, representing 10 percent of the company’s post-issue paid-up capital. The offering was initially floored at Rs28 per share, but strong demand during the book-building process pushed the strike price to Rs34 per share, a 21 percent premium over the floor price. The result points to healthy appetite among investors for exposure to Pakistan’s growing technology manufacturing sector.
STL CEO Adnan Aftab described the listing as a milestone for the company. “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,” he was quoted as saying by the exchange. He added that the company intends to focus on innovation, quality and customer trust as it works to deliver long-term value to shareholders.
STL Smartphone Manufacturing and the Push for Local Production
STL’s business model centres on STL smartphone manufacturing carried out within Pakistan, an approach that supports the government’s broader import substitution goals and its promotion of “Made in Pakistan” electronics. By assembling devices locally rather than relying solely on imports, the company aligns with a policy direction that has gained momentum across Pakistan’s technology sector in recent years, as authorities look to narrow the trade deficit in finished electronic goods.
Pakistan Capital Markets 2026 Continue to Deepen
The successful listing reflects the growing depth of Pakistan’s capital markets in 2026 and rising investor interest in technology manufacturing firms. Fiscal year 2026, which ended in June, produced 11 IPOs that together raised Rs18.3 billion, or around $66 million, while average traded value on the exchange reached an all-time high of Rs57 billion, equivalent to roughly $205 million, across 537 listed companies.
PSX Chief Executive Officer Farrukh H. Sabzwari said the listing carried particular significance as the first of the new fiscal year. “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,” he said. Separately, Pakistan’s securities regulator reported on July 1 that stock market listings had raised more than Rs20 billion, or about $71 million, in the first half of 2026, as Islamabad continues efforts to deepen capital markets and encourage companies to pursue equity funding over conventional bank loans.
What the Listing Signals for Pakistan’s Tech Sector
The Pakistan Stock Exchange IPO market has been reshaped in recent years through regulatory reforms, digitalisation initiatives and measures designed to make public listings more accessible to companies seeking capital. The Select Technologies IPO adds to that trend, offering investors a rare opportunity to back a domestic manufacturer positioned at the intersection of consumer electronics and industrial policy, and suggesting that further technology-sector listings may follow as Pakistan works to expand its base of publicly traded manufacturing firms.
Published in SouthAsianDesk, July 14, 2026
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