Sitara Petroleum Services Ltd. is preparing to enter the stock market next month, as strong investor appetite lifts new listings, reported Bloomberg.
The company plans to raise up to Rs. 3.2 billion through an initial public offering to expand its fuel stations, transport fleet and storage capacity.
The transaction would rank as Pakistan’s second-largest IPO in the past four years, based on data compiled by Bloomberg. Bankers say the renewed interest in listings is being driven by a sharp rally in equities and rising retail participation.
Pakistan’s benchmark stock index has surged more than 61 percent over the past year, making it the best-performing market in Asia and encouraging companies to tap equity markets in 2026.
Sitara Petroleum has already secured Rs. 1.66 billion in a pre IPO round from institutional investors, including Bank Alfalah Limited and Lucky Investments Limited, at a 10 percent premium to the floor price. The shares are being offered at a price-to-earnings multiple of 5.2 times, which the lead manager said reflects a discount compared to the wider oil marketing sector.
The listing is being managed by Arif Habib Limited, with chief executive Shahid Ali Habib saying market conditions are favorable for issuers looking to raise growth capital.
Founded in 2012, Sitara Petroleum has a strategic affiliation with Gas & Oil Pakistan Limited, the country’s second-largest fuel retailer by volume, which is backed by Saudi Aramco. Sitara operates 61 fuel stations, mainly in Punjab, under the GO and Aramco brands, and manages a fleet of 320 oil tankers.
The company plans to use IPO proceeds to build a 30,000 ton oil storage terminal in Faisalabad, a move that would allow it to apply for an oil marketing license. It is targeting this strategic shift by FY2028. Additional funds will be used to set up at least 47 new fuel stations and add 50 more tankers to its fleet.