Sitara Petroleum Service Limited has officially 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 its combined Pre-IPO and IPO offering, driven by strong demand from institutional and retail investors.
According to the company, the IPO received nearly 25,000 applications, making it one of the highest participation levels recorded in a Pakistani IPO.
The book-building portion, consisting of 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 Pakistan.
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, generating approximately 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 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, reaching the upper price band.
As a result, the IPO size increased to approximately Rs. 3.17 billion, compared with 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 confidence in the company’s growth and expansion plans.
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 reflected the resilience of Pakistan’s capital markets and growing investor participation despite global economic uncertainty.
He added that retail investor numbers have increased to approximately 545,000, supported by awareness initiatives aimed at younger investors.
Zaheer Baig said the listing marks a major milestone for the company and will support expansion of its fuel station network, logistics operations, and service infrastructure across Pakistan.
Meanwhile, Shahid Ali Habib described the transaction as one of the most successful public offerings in Pakistan’s equity market history.
