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May 4, 2026
Sitara Petroleum’s IPO hit Rs18.90 cap in 10 minutes, raising Rs4.8B to expand fuel stations and logistics, marking PSX’s fastest-ever book building success.
Sitara Petroleum Service Limited’s initial public offering (IPO) achieved a historic milestone on the Pakistan Stock Exchange (PSX), reaching its cap price of Rs18.90 within just 10 minutes of opening. This marks the fastest-ever book building transaction to hit the cap price in PSX history, underscoring strong investor confidence in the company’s business fundamentals and growth potential.
The IPO consists of 279.9 million shares, representing 16.66% of Sitara Petroleum’s capital. Proceeds from the offering, estimated at Rs4.8 billion, will be directed toward expanding the company’s retail fuel station network and logistics fleet. The company aims to grow its retail presence to more than 100 fuel stations over the next two years, focusing on high-growth corridors across Pakistan.
Arif Habib Limited, serving as lead manager and book runner, acknowledged the overwhelming investor response. CEO Shahid Ali Habib expressed gratitude to investors for their trust and participation.
Sitara Petroleum is rapidly strengthening its role in Pakistan’s downstream petroleum sector, combining retail fuel management with logistics operations. With rising energy demand, the company’s integrated model positions it to benefit from both volume growth and operational scale, reinforcing its role as a key partner to oil marketing companies.
