Vivo Energy operators of Shell Gas Stations in Africa just floated what the Financial Times considers the biggest IPO in Africa at $2.7 billion.
According to Reuters, the company launched with a valuation of nearly 2 billion pounds ($2.7 billion), the largest London IPO so far this year and the largest Africa-focused IPO in more than a decade.
Here is a quick rundown
- The initial offer price for the company floated was set at 165 pence per share and the shares advanced to 169.50 pence in conditional trading.
- The company listed 30% of its equity.
- The company is the downstream fuels joint venture of energy trading house Vitol and Helios Investment Partners which are cutting their stakes. Both Companies have business ventures with Oando.
- The company is owned 44 percent each by Vitol and Helios Investment Partners and 1 per cent by management.
- Vivo Energy is the African Operator for Shell Fuel Stations across Africa with over 2,000 filling stations in 15 African countries.
- This is the first significant Africa Focussed Float since Seplat floated for $500 million in 2014.
- In 2017, the company reported earnings before interest, tax, depreciation and amortisation of $326m.
Take a deep dive on this story.