Sitara Petroleum Service Limited’s initial public offering hit its cap price of Rs. 18.90 within 10 minutes of opening, setting a record for the fastest book-building transaction on the Pakistan Stock Exchange.

The IPO was fully subscribed almost immediately, reflecting strong demand from institutional investors and high-net-worth individuals who bid aggressively at the top of the price band.

The offer comprises 279.9 million shares, representing 16.66 percent of the company’s total capital. The proceeds will be used to expand Sitara Petroleum’s retail fuel station network and logistics operations.

Market participants said the rapid discovery of the cap price pointed to strong investor confidence in the company’s business model, particularly its fuel station management and logistics services linked to Pakistan’s oil marketing sector.

The transaction was managed by Arif Habib Limited. Chief Executive Officer Shahid Ali Habib thanked investors for their participation.