Karachi: Sitara Petroleum Service Limited (SPSL) has made a significant impact on the capital market with its recent Initial Public Offering (IPO), setting a new record with its swift subscription. Dated May 6, 2026, the IPO saw a strike price determined at PKR 18.90 per share through a Book Building process conducted on May 4th and 5th.

The offering received an overwhelming response, with total participation amounting to approximately PKR 11.74 billion, far exceeding the issue size of PKR 1.70 billion. This over-subscription by 6.9 times was achieved in an unprecedented 8 minutes, marking a new milestone in the market.

A total of 1,057 investors participated in the Book Building, with 1,056 successfully securing shares. The allocation across various categories was diverse, with Development Financial Institutions receiving 536,920 shares, Mutual Funds allocated 16,830,310 shares, and Insurance Companies obtaining 983,321 shares. Employees’ Provident and Pension Funds were allocated 201,935 shares, while TREC Holders received 13,884,263 shares. Other Institutions and Corporates acquired 26,334,844 shares, and High Net Worth Individuals were allocated 67,228,407 shares. In total, 126 million shares were allocated.

According to information available from the Pakistan Stock Exchange (PSX), the total IPO size, including both Pre-IPO and IPO stages, stands at PKR 4.84 billion. This makes it the third-largest private sector IPO in the history of Pakistan’s market, underscoring the substantial investor interest and confidence in SPSL.

The remarkable subscription pace and substantial financial backing highlight the robust demand for SPSL shares and signal a promising future for the company in the energy sector. The IPO’s success is a testament to the strategic interest from a diverse range of institutional and high net worth investors, setting a high bar for future offerings in the market.