Sitara Petroleum IPO hits Rs18.90 cap price within 10 minutes

The initial public offering (IPO) of Sitara Petroleum Service Limited witnessed an overwhelming investor response as its book-building process hit the cap price of Rs18.90 within just 10 minutes of opening, setting a new record at the Pakistan Stock Exchange. The issue was fully subscribed in record time, reflecting strong demand from institutional investors and high-net-worth individuals at the upper end of the price band. Market participants said the swift price discovery at the cap level signals robust investor confidence in the company’s business model, particularly its scalable fuel station operations and expanding logistics and fleet network supporting Pakistan’s oil marketing sector.