Sitara Petroleum Services Ltd. is preparing to list on Pakistan’s stock market next month, capitalising on strong investor appetite that has revived the country’s initial public offering pipeline, according to Bloomberg.
The company plans to raise up to Rs. 3.2 billion through an initial public offering to finance the expansion of its fuel stations network, transport fleet and storage infrastructure.
If completed, the transaction would be Pakistan’s second-largest IPO in the past four years, based on data compiled by Bloomberg. Bankers say renewed interest in new listings is being driven by a sharp rally in equities and rising participation from retail investors.
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 more companies to tap equity markets in 2026.
Ahead of the public offering, Sitara Petroleum has already raised Rs. 1.66 billion in a pre-IPO placement from institutional investors, including Bank Alfalah Limited and Lucky Investments Limited, at a 10 percent premium to the floor price. The shares are being marketed at a price-to-earnings multiple of 5.2 times, which the lead manager says reflects a discount to the broader oil marketing sector.
The listing is being managed by Arif Habib Limited. Its chief executive, Shahid Ali Habib, said market conditions remain favourable for issuers seeking 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 and backed by Saudi Aramco. Sitara currently operates 61 fuel stations, largely in Punjab, under the GO and Aramco brands, and runs a fleet of about 320 oil tankers.
The company plans to deploy IPO proceeds to construct a 30,000-ton oil storage terminal in Faisalabad, enabling it to apply for an oil marketing licence. It is targeting the transition by FY2028. Additional funds will be used to establish at least 47 new fuel stations and expand its tanker fleet by another 50 vehicles.
