Sitara Petroleum IPO hits Rs18.90 cap price within 10 minutes

KARACHI: The initial public offering (IPO) of Sitara Petroleum Service Limited witnessed an overwhelming investor response as its book-building process hit the cap price of Rs18.90 within just 10 minutes of opening, setting a new record at the Pakistan Stock Exchange.

The issue was fully subscribed in record time, reflecting strong demand from institutional investors and high-net-worth individuals at the upper end of the price band.

Market participants said the swift price discovery at the cap level signals robust investor confidence in the company’s business model, particularly its scalable fuel station operations and expanding logistics and fleet network supporting Pakistan’s oil marketing sector.

The IPO comprises 279.9 million shares, representing 16.66 percent of the company’s total capital. Proceeds from the offering will be utilized to expand Sitara Petroleum’s retail fuel station network and strengthen its logistics infrastructure.

Arif Habib Limited, acting as the lead manager and book runner for the transaction, acknowledged the strong participation from investors.

Copyright Business Recorder, 2026