Sitara Petroleum Services Ltd, a Pakistani fuel station operator and transporter, is planning an initial public offering (IPO) at the Pakistan Stock Exchange (PSX) next month, reported Bloomberg on Wednesday.
According to the international media outlet, the company plans to raise as much as Rs3.2 billion, i.e. $11.4 million in the listing, said Shahid Ali Habib, chief executive officer at Arif Habib Ltd., lead manager and book runner for the transaction, making it the second largest listing in Pakistan in the past four years.
The company plans to utilise the funding to expand its outlets, fleet and storage capacity, read the report.
Sitara Petroleum primarily trades and distributes diesel, petrol, and lubricants, while also offering fleet logistics services to Gas & Oil Pakistan Limited (GO).
As the largest dealer of GO, Sitara operates 61 fuel stations primarily in Punjab province under the GO and Aramco brands. It also runs a fleet of 320 oil tankers.
“The company will use the IPO proceeds to develop 30,000 tonnes of oil storage terminal at Gatti, Faisalabad, that will enable it to apply for an oil marketing license, a strategic transition it’s targeting by the 2028 fiscal year,” Habib told Bloomberg.
Moreover, the company will also invest in at least 47 new fuel stations and acquire 50 more tankers.
Earlier, Bloomberg said that 2026 could be a banner year for IPOs at PSX.
Quoting two of Pakistan’s leading investment banks — Arif Habib Ltd. and Ktrade Securities Ltd. — Bloomberg said that some 16 IPOs are expected in the coming months.
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