Sitara Petroleum Plans Pakistan IPO to Raise Funds for Expansion

Pakistan fuel station operator and transporter Sitara Petroleum Services Ltd. is planning an initial public offering next month to expand its outlets, fleet and storage capacity.

The company plans to raise as much as 3.2 billion rupees ($11.4 million) in the listing, said Shahid Ali Habib, chief executive officer at Arif Habib Ltd., lead manager and book runner for the transaction. That would make it the second largest listing in Pakistan in the past four years, according to data compiled by Bloomberg.