Sitara Petroleum IPO hits cap price in 10 minutes, sets PSX record
MG News | May 04, 2026 at 11:40 AM GMT+05:00
May 04, 2026 (MLN): Sitara Petroleum Service
Limited’s initial public offering (IPO) book building has achieved the cap
price of PKR 18.90 within just 10 minutes of opening, marking the fastest-ever
book building transaction to reach the cap price in the history of the Pakistan
Stock Exchange (PSX).
The exceptional investor response saw the issue fully
subscribed in record time, underscoring strong demand from institutional
investors and high-net-worth individuals at the upper end of the price band, according
to a press release issued.
The rapid price discovery at the cap level highlights robust
investor confidence in Sitara Petroleum’s business fundamentals, scalable fuel
station management model, and its expanding logistics and fleet operations
supporting Pakistan’s oil marketing ecosystem.
The IPO comprises 279.9 million shares, representing 16.66%
of the company’s capital, with proceeds aimed at expanding the company’s retail
fuel station network and logistics fleet.
Arif Habib Limited, the lead manager and book runner for the
transaction, expressed appreciation for the strong investor participation.
“We sincerely thank all investors for placing their trust in
Arif Habib Limited,” CEO Shahid Ali Habib stated.
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