SPSL IPO oversubscribed 7x, among Pakistan’s largest

May 05, 2026 (MLN): Sitara Petroleum Service Limited (SPSL) has wrapped up the book-building phase of its initial public offering (IPO), with the strike price set at Rs18.90 per share the top end of the price band, signaling robust institutional appetite. 

The offering was oversubscribed seven times, highlighting strong demand from investors.

With this development, the SPSL IPO ranks third among Pakistan’s largest in recent years, trailing only Interloop and Airlink in size, according to a press release issued.

Investor participation exceeded Rs11.7 billion, reflecting significant interest from institutional players and high-net-worth individuals.

The IPO consists of 279.9 million shares, equivalent to 16.66% of the company’s paid-up capital. 

While the book-building portion has been successfully completed, the retail tranche remains fully underwritten, ensuring smooth execution of the overall offering.

Including a pre-IPO placement of Rs1.67 billion, the total deal size has reached up to Rs4.8 billion, placing it among the country’s notable capital market transactions.

SPSL operates a sizable fuel retail and logistics network across Pakistan, managing over 61 fuel stations and a fleet of more than 320 oil tankers. 

Its core revenue stream comes from dealer commissions, supplemented by a growing logistics and transportation segment serving oil marketing companies.

The funds raised will support SPSL’s expansion strategy, including the development of around 50 new fuel stations and the addition of nearly 50 oil tankers to its fleet, further strengthening its footprint in Pakistan’s downstream petroleum sector.

Following the book-building phase, the public subscription is expected to proceed as planned, after which SPSL will be listed on the Pakistan Stock Exchange.

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