Pakistan’s Sitara Petroleum plans Rs3.2 billion IPO to expand operations: report 

Pakistan fuel station operator and transporter Sitara Petroleum Services Ltd. is planning an initial public offering (IPO) next month to expand its outlets, fleet and storage capacity, Bloomberg reported. 

The company plans to raise as much as Rs3.2 billion ($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. That would make it the second-largest listing in Pakistan in the past four years, according to data compiled by Bloomberg.

Sitara Petroleum trades and distributes diesel, petrol and lubricants, and provides fleet logistics services to Gas & Oil Pakistan Limited (GO). It operates 61 fuel stations, mainly in Punjab, under the GO and Aramco brands and manages a fleet of 320 oil tankers.

Habib said the company plans to develop a 30,000-tonne oil storage terminal at Gatti, Faisalabad, using IPO proceeds. The terminal will support its plan to apply for an oil marketing licence, a transition it is targeting by the 2028 fiscal year.

The company also plans to add at least 47 new fuel stations and acquire 50 additional tankers.

Bloomberg earlier reported that 2026 could see increased IPO activity at the PSX. Citing Arif Habib Ltd. and Ktrade Securities Ltd., the report said around 16 public offerings are expected in the coming months.