In a significant development for Pakistan's energy and financial sectors, Sitara Petroleum Services Ltd is preparing to launch an initial public offering (IPO) on the Pakistan Stock Exchange (PSX) next month. As reported by Business Recorder, the company aims to raise approximately Rs3.2 billion ($11.4 million), marking it as the second largest listing in Pakistan over the past four years. Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO, stated, 'The company will use the IPO proceeds to develop 30,000 tonnes of oil storage terminal at Gatti, Faisalabad.' This strategic move is part of Sitara's broader plan to secure an oil marketing license by the 2028 fiscal year. Currently, Sitara operates 61 fuel stations and a fleet of 320 oil tankers, primarily in Punjab, and plans to expand with 47 new fuel stations and 50 additional tankers. Bloomberg highlights that 2026 could be a 'banner year for IPOs at PSX,' with expectations of around 16 IPOs in the coming months.