Sitara Petroleum Service Limited (SPSL) has completed the book-building phase of its Initial Public Offering (IPO) on May 5, 2026, securing strong investor participation and setting the strike price at PKR 18.90 per share, which was the upper limit of the offered price range.

The IPO witnessed significant demand, being oversubscribed around seven times, reflecting robust interest from institutional investors and high-net-worth individuals. Total demand reached approximately PKR 11.7 billion.

With this performance, the offering has emerged as one of the largest in recent years and is now ranked as the third-largest IPO on the Pakistan Stock Exchange, following Interloop and Airlink.

The issue comprises 279.9 million shares, representing 16.66% of the company’s paid-up capital. While the book-building portion has been successfully concluded, the general public subscription segment remains fully underwritten, ensuring full completion of the issue.

Including a pre-IPO placement worth PKR 1.67 billion, the overall transaction size is valued at up to PKR 4.8 billion, placing it among the more notable listings in the market’s recent history.

Sitara Petroleum Service Limited operates a fuel station management and logistics platform with over 61 fuel stations and a fleet exceeding 320 oil tankers. The company earns most of its revenue through dealer commissions, alongside expanding logistics and transportation services for oil marketing companies.

Proceeds from the IPO will be used to support expansion plans, including the addition of around 50 new fuel stations and the expansion of its oil tanker fleet by approximately 50 vehicles.

Following the public subscription phase, the company is expected to be listed on the Pakistan Stock Exchange.