Sitara Petroleum launches IPO to raise up to Rs4.8bn

Sitara Petroleum Service Limited (SPSL), a Lahore-based fuel trader, has announced its Initial Public Offering (IPO), seeking to raise up to Rs4.8 billion (USD17.2 million) to finance expansion in its fuel retail network, logistics operations and storage infrastructure, according to its IPO prospectus. As per details, the company, engaged in distribution and retail, along with petroleum logistics, is offering a total of 279.9 million ordinary shares, representing 16.66% of its post-IPO paid-up capital. Of these, 168 million shares are being offered to the public, while 111.9 million shares have already been placed through a pre-IPO transaction. The book building process is scheduled for May 4–5, followed by public subscription on May 11–12.