Pakistan's SLM goes public with IPO

Pakistani company Service Long March Tyres (SLM), a joint venture between local Servis Group and Chinese Chaoyang Long March Tyre, which produces truck tires, has announced its intention to start producing tires for passenger cars. To implement the project, an initial public offering (IPO) will be held on the Pakistan Stock Exchange, and the company has already received permission from the exchange. The IPO is expected to bring in around 7.8 billion rupees (28 million dollars) and will be the largest IPO for a Pakistani private company, as well as for a joint venture with Chinese capital. The launch of the new production is scheduled for January 2028, and its capacity in the first stage will be 2 million tires per year, after which, in the financial year 2030, the production of products should be increased to 3 million passenger car tires per year. The total cost of the project is estimated at 22.56 billion rupees (81 million dollars).

SLM was established in 2020, and commercial production at the plant in Nooriabad (Sindh province) began in March 2022. The company received tax benefits, which helped it become the leader of the local truck tire market with a share of around 55%. SLM is also one of the largest exporters in the country, and in the financial year 2025, the value of products supplied abroad exceeded 50 million dollars, with the main markets being the USA, Brazil, and other countries in South America.

"SLM has successfully established itself as a reliable local supplier of truck tires," said Omar Said, the company's CEO. "Thanks to the IPO, we will start a new stage in our history, mastering the production of tires for passenger cars and contributing to the industrial development of Pakistan through the localization of production and increased exports."