KARACHI: Sitara Petroleum Service Limited has successfully completed its Initial Public Offering (IPO) and officially listed on the Pakistan Stock Exchange, marking a major milestone for Pakistan’s energy and capital markets sector.
The transaction raised approximately Rs4.8 billion, positioning it among the country’s largest private-sector IPOs.
Book Building Fully Subscribed in Eight Minutes
The Book Building portion consisted of 126 million ordinary shares and achieved full subscription within just eight minutes. Moreover, the segment was oversubscribed seven times.
Meanwhile, the Retail portion, comprising 42 million ordinary shares, witnessed strong public interest and was oversubscribed by 3.4 times with nearly 24,000 investor applications from across Pakistan.
The IPO floor price was fixed at Rs13.50 per share. However, strong investor demand pushed the strike price to Rs18.90 per share, reaching the upper price band.
The overall offering included 279.9 million ordinary shares through both Pre-IPO and IPO allocations, representing 16.66 per cent of the company’s post-IPO paid-up capital.
PSX CEO Praises Growing Investor Confidence
Speaking at the ceremony, Farrukh H. Sabzwari, Managing Director and CEO of PSX, described the IPO as a major success for Pakistan’s capital markets.
He said the strong investor participation reflected growing confidence in the country’s financial markets despite global economic challenges.
Sabzwari added that retail investor numbers had increased to nearly 545,000, largely due to financial awareness campaigns targeting Gen Z and millennials.
He also appreciated the efforts of the Securities and Exchange Commission of Pakistan, CDC and NCCPL for improving and streamlining the IPO process.
Sitara Petroleum Plans Expansion After Listing
Zaheer Baig, Chief Executive Officer of Sitara Petroleum Service Limited, called the listing a historic moment for the company.
He stated that the IPO marked the beginning of a new phase focused on institutional growth, transparency and long-term value creation.
According to him, the funds raised through the IPO will help the company expand its retail fuel station network, strengthen logistics and fleet operations, and improve service delivery nationwide.
He also thanked investors, regulators, advisors and business partners for supporting the company throughout the IPO process.
Arif Habib Limited Highlights Historic Milestones
Shahid Ali Habib, CEO of Arif Habib Limited, said the IPO achieved several historic milestones for Pakistan’s capital market.
He noted that the transaction became one of the most widely participated IPOs in the country’s history and reflected growing investor trust in Pakistan’s equity market and Sitara Petroleum’s future growth potential.
Integrated Equities Limited and Arif Habib Limited acted as Joint Lead Managers for the transaction.
