Vivo Energy, a leading retailer and marketer of Shell-branded fuels and lubricants in Africa, has listed on the London Stock Exchange raising £548 million from the sale of existing shares to international investors, valuing the company at £1.98 billion.
Vivo becomes the largest UK-listed african IPO since 2005 and largest IPO on London Stock Exchange to date in 2018.
Christian Chammas, Chief Executive Officer of Vivo Energy: “We have been extremely pleased with the investor response to our offer, in what has been a challenging period for the wider markets. Vivo Energy’s differentiated business model, strong track record, exposure to Africa and the growth opportunity it represents has been well understood by investors. We are excited about the momentum in the business and are looking forward to delivering further growth and success as a London listed company.”
Vivo Energy is a Shell licensee in Sub-Saharan Africa and mainly distributes and markets Shell-branded fuels and lubricants. Vivo operates in retail; commercial fuels (marine, mining and aviation through Vitol Aviation; liquefied petroleum gas and lubricants.
Vivo becomes the 108th African company to be listed or traded on London Stock Exchange. All these companies have a total market capitalization of over $200 billion.