Sitara Petroleum Service Limited has successfully completed its Initial Public Offering (IPO) and listed on the Pakistan Stock Exchange (PSX), becoming the 10th IPO of 2026 and one of the largest private-sector listings in Pakistan’s capital market history.
The company raised approximately Rs. 4.8 billion through the combined Pre-IPO and IPO offering, following strong demand from institutional and retail investors.
According to the company, the IPO received nearly 25,000 applications, marking one of the highest participation levels ever recorded in a Pakistani IPO.
The book-building portion, comprising 126 million ordinary shares, was fully subscribed within just 8 minutes and was oversubscribed by seven times. Meanwhile, the retail portion of 42 million shares was oversubscribed by 3.4 times, attracting around 24,000 applications from investors across the country.
Overall, the transaction involved the offering of 279.9 million ordinary shares through both Pre-IPO and IPO stages, representing 16.66 percent of the company’s post-IPO paid-up capital.
The Pre-IPO phase included 111.9 million shares, raising around Rs. 1.66 billion at Rs. 14.85 per share. The IPO portion consisted of 168 million shares, equivalent to 10 percent of post-IPO paid-up capital.
The IPO floor price was set at Rs. 13.50 per share, while strong investor demand during book building pushed the strike price to Rs. 18.90 per share, hitting the upper price band.
As a result, the IPO size increased to approximately Rs. 3.17 billion, compared to Rs. 2.27 billion at the floor price.
The offering attracted broad participation from institutional investors, corporate entities, high-net-worth individuals, and retail investors, reflecting strong market confidence in the company’s expansion plans and long-term growth outlook.
Arif Habib Limited and Integrated Equities Limited acted as Joint Lead Managers for the transaction.
Speaking at the listing ceremony, Farrukh H. Sabzwari said the successful IPO demonstrated the resilience of Pakistan’s capital markets and growing investor participation despite global economic challenges.
He added that retail investor numbers have risen to approximately 545,000, supported by awareness initiatives targeting younger investors.
Zaheer Baig said the listing marked a major milestone for the company and would support expansion of its fuel station network, logistics operations, and service infrastructure across Pakistan.
Meanwhile, Shahid Ali Habib described the IPO as one of the most successful public offerings in Pakistan’s equity market, citing strong participation from both institutional and retail investors.
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