Sitara Petroleum IPO Oversubscribed 7x to raise 4.8 billion at 40% premium, making it 3rd largest IPO at PSX!

Sitara Petroleum Service Limited (SPSL) has successfully concluded its book-building phase on May 5, 2026, with the strike price determined at PKR 18.90 per share, the upper limit of the price band, reflecting strong and decisive institutional demand. The IPO was oversubscribed 7 times of the size.

With the conclusion of this IPO, Sitara Petroleum Service IPO becomes the third largest IPO after Interloop and Airlink.

The offering attracted investor interest of over PKR 11.7 billion, highlighting the depth of demand from institutional investors and high-net-worth individuals.

The IPO comprises a total offering of 279.9 million shares, representing 16.66% company’s paid-up capital.

The book building portion has now been successfully completed, while the general public portion remains fully underwritten, ensuring completion of the overall offering.

Including the earlier pre-IPO placement of PKR 1.67 billion, the total transaction size stands at up to PKR 4.8 billion, positioning it among the notable IPOs in recent years.

Sitara Petroleum Service Limited operates one of Pakistan’s leading fuel station management and logistics platforms, with a network of over 61 fuel stations and a fleet of more than 320 oil tankers.

The company derives the majority of its revenues from dealer commissions, complemented by a growing logistics and carriage services segment catering to oil marketing companies.

The proceeds from the IPO will be deployed to support the company’s next phase of growth, including the addition of approximately 50 new fuel stations and expansion of its logistics fleet by around 50 oil tankers, strengthening its presence across Pakistan’s downstream petroleum value chain.

Following the completion of the book building, the public subscription phase is expected to proceed as scheduled, after which Sitara Petroleum Service Limited will be listed on the Pakistan Stock Exchange.