Sitara Petroleum Service Limited (SPSL) has set the price of its initial public offering at PKR 18.90 per share after receiving strong interest from investors.
The book-building phase attracted bids worth more than PKR 11.7 billion, leading to an oversubscription of nearly seven times.
The final price was fixed at the top of the announced range, showing solid demand from institutions and high-net-worth individuals.
The offering includes around 279.9 million shares, which make up 16.66 percent of the company’s total capital. Along with a pre-IPO placement of PKR 1.67 billion, the total size of the transaction is expected to reach up to PKR 4.8 billion.
Market analysts believe this listing will be one of the largest on the Pakistan Stock Exchange, ranking behind major listings like Interloop and Airlink Communication.
The book-building stage has now been completed, and the company will move toward the public subscription phase. The retail portion of the IPO has been fully underwritten, which means it is backed by financial guarantees.
Sitara Petroleum currently operates more than 61 fuel stations and manages a fleet of over 320 oil tankers. Most of its income comes from dealer commissions, along with logistics and transport services for oil companies.
Funds raised from the IPO will be used to expand operations. The company plans to add around 50 new fuel stations and increase its fleet by about 50 tankers to strengthen its presence in the petroleum sector.