Service Long March (SLM) Tires Limited just made history at the Pakistan Stock Exchange (PSX). On Monday, May 18, 2026, investors fully subscribed to the company’s Initial Public Offering (IPO) book-building within the first five seconds of opening. Consequently, this milestone ranks as one of the fastest book-building transactions ever recorded at the PSX.
The IPO features a price band of Rs. 14.25 to Rs. 19.95 per share. Meanwhile, the book-building process will remain open through May 19. Currently, the company holds an estimated valuation of $550 million. However, management targets a massive $1 billion valuation within the next two years.
Surge in Investor Confidence
Pakistan’s equity market currently shows intense interest in export-driven manufacturing and localization. Therefore, investors aggressively backed SLM. The company focuses heavily on the truck and bus radial tyre market. These heavy-duty tyres directly support the country’s transportation, logistics, trade, and industrial sectors.
Arif Habib Limited manages the transaction as the lead manager and book runner. Shahid Ali Habib, the CEO of Arif Habib Limited, praised the overwhelming market participation. He stated:
We sincerely thank all investors for placing their trust in Arif Habib Limited and participating in this landmark transaction.
He added that the rapid response proves strong confidence in SLM’s fundamentals, export potential, and long-term growth story.
SLM Tires Strategic Expansion & Future Capacity
SLM already operates as a key player in Pakistan’s automotive manufacturing landscape. Now, the company plans to establish a dedicated passenger car tyre production facility. Commercial operations for this new plant will commence in January 2028.
Initially, the facility will produce 2 million tyres annually. Afterward, SLM aims to expand capacity to 2.5 million units in FY2029. Ultimately, production will scale to 3 million units by FY2030.
