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On April 22, 2026, Pakistan’s Securities and Exchange Commission (SECP) approved the prospectuses for Sitara Petroleum Service Limited and LSE SPAC-I, reporting that the fiscal year’s IPO approvals had reached 11. That was an interim approval milestone—not the final count of companies listed. SECP later reported 14 approvals for FY 2025–26, while the Pakistan Stock Exchange (PSX) recorded 11 companies actually listed during the completed fiscal year.
Which two IPOs did SECP approve?
SECP’s April 22, 2026 announcement named Sitara Petroleum Service Limited and LSE SPAC-I. The regulator said it had allowed both prospectuses to be issued and published, paving the way for their public offers and listing at PSX. The announcement described the offer terms and LSE SPAC-I’s intended acquisition as plans; investors should check the applicable prospectus and later official disclosures for current details.
Sitara Petroleum Service Limited
SECP described Sitara as a fuel-trading, retail and carriage-services company and a dealer of Gas and Oil Pakistan. It said the company planned to offer 168 million ordinary shares through book building. The offer represented 16.66% of post-IPO paid-up capital, with 75% allocated to institutional investors and high-net-worth individuals and 25% to retail investors. These are the terms in the April announcement, not a substitute for checking the final prospectus.
LSE SPAC-I
SECP described LSE SPAC-I as Pakistan’s first special purpose acquisition company (SPAC) under the public-offering regime. The SPAC planned to raise funds for a merger or acquisition within three years and proposed acquiring a 19.04% stake in Ningbo Green Light Energy Limited. Its announced IPO comprised 5 million shares offered at a fixed price. The proposed acquisition should not be read as a completed transaction.
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Why did the IPO count change from 11 to 14?
The number 11 in the April 22 headline was the approval count SECP reported on that date. It was not a year-end total. SECP reported 12 approvals on May 2, 2026, after approving Service Long March Tyres’ prospectus. Its June 23 press-release index later described LSE SPAC-II as the 14th listing approval of FY 2025–26.
Those figures count dated regulatory approval milestones. They should not be treated as the same measure as completed company listings reported by the exchange.
How many companies were actually listed in FY 2025–26?
PSX’s FY 2025–26 Annual Report records 11 companies listed during the full fiscal year. It reports that the 11 Main Board listings raised approximately PKR 18.39 billion and had aggregate listed capital of PKR 27,617 million. These are year-end exchange figures, distinct from SECP’s count of IPO approvals during the year.
| Measure | Reported figure | Source and timing |
|---|---|---|
| IPO approvals | 11 | SECP, April 22, 2026 |
| IPO approvals | 12 | SECP, May 2, 2026 |
| Listing approvals | 14 | SECP, June 23, 2026 press-release index |
| Companies listed | 11 | PSX FY 2025–26 Annual Report |
| Amount raised by 11 Main Board listings | Approximately PKR 18.39 billion | PSX FY 2025–26 Annual Report |
| Aggregate listed capital of 11 new companies | PKR 27,617 million | PSX FY 2025–26 Annual Report |
What distinguishes the two offers?
The April announcement presented an operating business and a SPAC, with different offer methods and stated uses. These structural facts describe the offers; they do not establish which investment is more suitable or how either security performed.
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| Feature | Sitara Petroleum Service Limited | LSE SPAC-I |
|---|---|---|
| Structure | Fuel trading, retail and carriage-services company | SPAC formed to pursue a merger or acquisition |
| Announced offer method | Book building | Fixed-price method |
| Announced share offer | 168 million ordinary shares | 5 million shares |
| Stated purpose or plan | Public offer by the operating company; a specific use of proceeds is not stated in the cited announcement | Raise funds for a merger or acquisition within three years; proposed 19.04% stake in Ningbo Green Light Energy Limited |
What should investors check before acting?
SECP advised investors to carefully review the prospectuses before making investment decisions. For a specific offer, use the latest official prospectus and market disclosures to verify price, dates, eligibility, allocation, subscription status and any changes to the announced terms. The April approval announcement alone does not establish whether either offer is currently open or whether an individual should invest.
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