Regulator approves IPOs for Sitara Petroleum, LSE SPAC-I

The Securities and Exchange Commission of Pakistan has approved two initial public offerings, for Sitara Petroleum Service Limited and LSE SPAC-I, both of which will be listed on the Pakistan Stock Exchange.

The approvals come amid ongoing regional tensions and an uncertain geopolitical environment, with the continued flow of IPOs reflecting resilience in the stock market and sustained investor confidence in Pakistan’s capital markets.

With the latest approvals, the total number of IPOs in fiscal year 2025-26 has reached 11, indicating growing interest from companies seeking to raise funds for expansion and offering new opportunities for investors.

Sitara Petroleum IPO

Sitara Petroleum Service Limited, which operates in fuel trading, retail and carriage services as a dealer of Gas and Oil Pakistan, will offer 168 million ordinary shares through the book-building method.

The offer represents 16.66% of the company’s post-IPO paid-up capital. Of the total shares, 75% will be allocated to institutional investors and high-net-worth individuals, while the remaining 25% will be offered to retail investors.

LSE SPAC-I listing

LSE SPAC-I is Pakistan’s first special purpose acquisition company under the public offering regime and aims to raise funds for mergers or acquisitions within three years.

The company plans to acquire a 19.04% stake in Ningbo Green Light Energy Limited. Its IPO will consist of 5 million shares offered through the fixed-price method.

Regulatory process

The SECP has allowed the issuance and publication of prospectuses for both IPOs, paving the way for their public launch.

The regulator advised investors to carefully review the prospectuses before making investment decisions and reaffirmed its commitment to maintaining a transparent and investor-friendly regulatory environment.