Sitara Petroleum Service Limited’s initial public offering (IPO) book building achieved the cap price of Rs18.90 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).

As per a press statement released on Monday, 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.

Sitara Petroleum Service Limited plans to expand its retail network to over 100 fuel stations within the next two years, aiming to strengthen its presence along high-growth corridors, with the expansion to be financed through an estimated Rs4.8 billion to be raised via IPO.

The company is rapidly expanding its footprint in Pakistan’s downstream petroleum sector, strengthening its position as a major fuel retail operator and logistics partner to oil marketing companies (OMCs), supported by a growing network of fuel stations and an expanding tanker fleet.

As Pakistan’s energy demand continues to grow, the company’s integrated focus on fuel retail management and transportation services positions it to benefit from both volume expansion and operational scale within the downstream petroleum sector.