Sitara Petroleum Service Limited (SPSL) has made history at the Pakistan Stock Exchange (PSX), with its initial public offering (IPO) being fully subscribed within just 10 minutes of opening – the fastest subscription in the history of the exchange. The overwhelming response marks a milestone for Pakistan’s capital markets and underscores strong investor confidence in the energy sector.
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The IPO, which opened for public subscription on May 4, 2026, saw demand exceed the offered shares within minutes, forcing the book to close early after receiving bids worth multiple times the issue size.
| IPO Detail | Information |
|---|---|
| Company | Sitara Petroleum Service Limited (SPSL) |
| IPO Size | Rs4.8 billion (total) – Rs3.175 billion public portion |
| Shares Offered to Public | 168 million |
| Subscription Time | 10 minutes (PSX record) |
| Price Range | Rs13.50 – Rs18.90 per share (book building) |
| Listing Exchange | Pakistan Stock Exchange (PSX) |
Record-Breaking Demand
The IPO was conducted through a book-building process, with the final strike price expected to be announced shortly. The public portion of the offering was oversubscribed within minutes, reflecting strong appetite from retail and institutional investors alike. The pre-IPO placement of 111.9 million shares at Rs14.85 per share had already raised approximately Rs1.66 billion, further indicating robust investor interest.
Market analysts attributed the exceptional response to the company’s strong financial fundamentals, its expansion plans to become a full-fledged Oil Marketing Company (OMC), and the growing demand for energy in Pakistan.
Use of Proceeds
Proceeds from the IPO will be directed toward:
- Development of an oil storage terminal (~56% of proceeds)
- Expansion of fuel retail network (target: 100+ outlets in two years)
- Addition to the company’s tanker fleet (target: 370 vehicles by 2027)
About Sitara Petroleum
Sitara Petroleum Service Limited (SPSL) is a Lahore-based company engaged in fuel trading, distribution, retail, and petroleum logistics. As of H1 FY2026, the company operated 61 fuel retail outlets and a fleet of 320 oil tankers, primarily servicing Gas & Oil Pakistan (GO). The company plans to transition into an Oil Marketing Company (OMC) in the coming years.
About Arif Habib Limited
Arif Habib Limited acted as the lead manager and book runner to the issue, successfully orchestrating one of the most successful IPOs in PSX history.
