Pakistan’s Servis Group achieved a major milestone as its tyre manufacturing subsidiary, Service Long March Tyres Limited (SLM), crossed the $1 billion market capitalisation threshold following a strong debut on the Pakistan Stock Exchange (PSX).
SLM shares surged the maximum allowable limit of 10.03% on Monday, opening at Rs21.95 and maintaining that level throughout the trading session. The stock exchanged 620,940 shares on its first day of trading.
“The market capitalisation of Servis Group has grown past $1 billion on the Pakistan Stock Exchange,” said SLM CEO Omar Saeed during a listing ceremony at the PSX.
Saeed noted that SLM’s standalone valuation exceeded $600 million, supported by two other group companies — Service Industries and Service Global — that together helped propel the group into the $1 billion valuation club.
The company raised Rs7.78 billion through the issuance of 389.74 million shares at Rs19.95 per share via an Initial Public Offering (IPO) in May 2026.
Looking ahead, SLM is expanding its tyre manufacturing facility with $120 million from IPO proceeds, adding to the $300 million already invested in the project. The expanded plant, scheduled to begin commercial production by December 2027, will have an installed capacity of 2 million car tyres annually, serving markets from small cars to large SUVs.
The company holds a 60% market share in Pakistan’s truck and bus radial tyre segment and exports approximately 40% of its output to markets including the US and Brazil. In FY26, SLM exported tyres worth $70 million and expects to reach $100 million in export revenue next year.
Plans are also underway to enter the Polish market and broader European market within the next two months.