Sitara Petroleum IPO Fully Subscribed In 10 Minutes, Sets PSX Record

Sitara Petroleum Service Limited’s initial public offering reached its cap price of Rs. 18.90 within just 10 minutes of opening, setting a new record for the fastest book building transaction on the Pakistan Stock Exchange.

The IPO was fully subscribed almost immediately, reflecting strong demand from institutional investors and high net worth individuals who bid aggressively at the upper end of the price band.

The offering consists of 279.9 million shares, representing 16.66 percent of the company’s total capital, with proceeds planned for expanding its retail fuel station network and logistics operations.

Market participants said the rapid price discovery at the cap level indicates strong confidence in the company’s business model, particularly its fuel station management and logistics services supporting Pakistan’s oil marketing sector.

The transaction was managed by Arif Habib Limited, with Chief Executive Officer Shahid Ali Habib thanking investors for their participation.