Sitara Petroleum listed on PSX amid immense investors’ response

Sitara Petroleum Service Limited successfully completed its Initial Public Offering (IPO) on Thursday, receiving an overwhelming response from investors during both the book building and public subscription phases

KARACHI, (APP - UrduPoint / Pakistan Point News - 21st May, 2026) Sitara Petroleum Service Limited successfully completed its Initial Public Offering (IPO) on Thursday, receiving an overwhelming response from investors during both the book building and public subscription phases.

The 10th IPO of the year at pakistan stock exchange witnessed the highest ever participation in Pakistan’s IPO history with approximately 25,000 applications received across the Book Building and Retail segments while the transaction raised Rs 4.8 billion, making it one of the largest private sector IPO in Pakistan’s history, said a statement issued here.

The Book Building portion, comprising 126 million ordinary shares, was fully subscribed within just 8 minutes and was oversubscribed by 7 times, while the Retail portion comprising 42 million ordinary shares was oversubscribed by 3.4 times with approximately 24,000 applications received from investors nationwide.

The overall transaction comprised a total offering of 279,914,000 ordinary shares through Pre-IPO and IPO, representing 16.66% of the company’s post-IPO paid-up capital. The Pre-IPO component consisted of 111,914,000 ordinary shares and successfully raised Rs 1.66 billion at Rs 14.85 per share. The IPO component consisted of 168,000,000 ordinary shares representing 10.00% of the post-IPO paid-up capital, it added.

The floor price for the IPO was set at Rs 13.50 per share and strong investor participation during the Book Building process took the strike price to the upper price band at Rs 18.90 per share, the statement informed, adding that the IPO transaction size stood at Rs 3.

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17 billion at the strike price, compared to Rs 2.27 billion at the floor price.

A broad spectrum of investors, including institutional investors, corporate entities, high-net-worth individuals, and retail investors participated in the offering while Arif Habib Limited and Integrated Equities Limited acted as the Joint Lead Managers to the issue.

Managing Director and CEO of psx, Farrukh H. Sabzwari, speaking at the listing ceremony, stated that Pakistan’s capital markets have remained resilient despite global challenges and the IPO momentum continued.

He lauded the tireless efforts of SECP, CDC and NCCPL in streamlining the IPO process, and stated that the investor community has shown remarkable confidence in the transaction. He said that retail investor numbers have now reached 545,000, driven by education and awareness initiatives targeting Gen Z and millennials, which is a very encouraging trend for the future of our markets.

Chief Executive Officer Sitara Petroleum Service Limited, Zaheer Baig, termed it as a proud and historic milestone for his company and reflection of investor’s confidence, saying “the proceeds from the IPO will help us accelerate our expansion plans, strengthen our retail fuel station network, enhance logistics and fleet operations, and further improve service delivery across the country.”

Chief Executive Officer Arif Habib Limited, Shahid Ali Habib, highlighted important milestones of the IPO and said that the exceptional participation from institutional and retail investors reflects growing investor confidence in Pakistan’s equity markets.