Karachi, May 4: Sitara Petroleum Service Limited’s initial public offering (IPO) book building has achieved the cap price of PKR 18.90 within just 10 minutes of opening, marking the fastest-ever book building transaction to reach the cap price in the history of the Pakistan Stock Exchange (PSX).
The exceptional investor response saw the issue fully subscribed in record time, underscoring strong demand from institutional investors and high-net-worth individuals at the upper end of the price band.
The rapid price discovery at the cap level highlights robust investor confidence in Sitara Petroleum’s business fundamentals, scalable fuel station management model, and its expanding logistics and fleet operations supporting Pakistan’s oil marketing ecosystem.
The IPO comprises 279.9 million shares, representing 16.66% of the company’s capital, with proceeds aimed at expanding the company’s retail fuel station network and logistics fleet.
Arif Habib Limited, the lead manager and book runner for the transaction, expressed appreciation for the strong investor participation.
“We sincerely thank all investors for placing their trust in Arif Habib Limited,” CEO Shahid Ali Habib stated.
