Deals

Vivo Energy GBP603 million (USD819 million) IPO on the LSE and JSE

May 04, 2018

On 4 May 2018, Vivo Energy successfully priced its Initial Public Offering (“IPO”) on the Premium Segment of the London Stock Exchange (“LSE”) with a secondary inward listing on the Johannesburg Stock Exchange (“JSE”). The IPO raised GBP603 million (USD819 million) in an all-secondary transaction on behalf of Vitol and Helios Investment Partners. Standard Bank acted as joint bookrunner on the IPO. 

The listing represented a landmark transaction for Africa as it was the first company to complete a dual LSE primary IPO and JSE secondary IPO, in addition to being the largest IPO on the LSE in 2018. It was also the fourth largest IPO to have come from a sub-Saharan African issuer and the largest on the LSE since 2010. 

Vivo Energy is a market leading pan-African fuel retailer, operating under the Shell brand in attractive, high-growth markets across the African continent. The company was established in December 2011 through the carve-out of Shell’s African downstream business. 

The Group sources, distributes, markets and supplies high-quality products and services to retail and commercial customers across the continent. They have a proven management team with a track record of sustained growth. Subject to regulatory approval, Vivo Energy has recently agreed a share transaction with Engen which will add nine new retail countries and more than 300 service stations to the Group’s portfolio. 

As part of its planned IPO activities, Standard Bank published an investor education report which was marketed via a nine-day investor education roadshow in the United Kingdom, the United States and South Africa. Standard Bank delivered 65% of all allocated demand in the transaction and 91% of South African demand. 

Standard Bank’s understanding of the African consumer category and macro-economic drivers combined with our global sales platform meant we were able to best support and give differentiated advice to our client throughout the IPO process.

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