Sitara Petroleum IPO hits cap price in record 10 minutes

Sitara Petroleum Service Limited’s initial public offering (IPO) reached the cap price of Rs18.90 within 10 minutes of book building, marking the fastest such transaction on the Pakistan Stock Exchange.

Arif Habib Limited, acting as lead manager and book runner, said the strong response reflected investor participation in the offering. CEO Shahid Ali Habib acknowledged investors for their interest in the transaction.

“Sitara Petroleum Service Limited IPO witnessed exceptional demand, achieving full subscription within just 8 minutes. The offering also reached its cap price of Rs. 18.90 per share in record time, reflecting strong investor confidence,” Arif Habib Limited said in a post on X. 

The IPO consists of 279.9 million shares, representing 16.66% of the company’s capital, with proceeds intended to support expansion of its fuel station network and logistics operations.

The company plans to use the estimated Rs4.8 billion to expand its retail network to over 100 fuel stations within two years and strengthen its logistics fleet.

Sitara Petroleum operates in the downstream petroleum sector, providing fuel retail and transportation services to oil marketing companies through its network of stations and tanker fleet.