IP Travels was launched in 2001 under the umbrella of "Puri Group of Companies". Puri Group over the decades evolved as a highly respectable and reputable conglomerate having diversified operations in the areas of oil, travel, software and engineering. They were among Pakistan's oldest business concerns established in the 1930's to provide engineering services. Annual turnover was in excess of US$ 2 billion and net tangible assets stood at over US$100 million. They also held two seats on the Karachi Stock Exchange (guarantee) Limited and were a major player in the country's capital and financial markets. In 2004 the group maneuvered a strategic ownership change whereby a UK based company " Asian Emerging Markets Investment Limited" now owns "Capital One Equities Limited" (formerly IP Securities) and "Terminal One" (formerly IP terminals). Another UK based company HD1 limited now owns Oil Tanking limited.