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Prime Mover Magazine

Viva Energy fuels $4.9 billion ASX listing

Petrol and diesel distributor, Viva Energy, debuts on the ASX tomorrow, the largest float indexed in this country since November 2014 when Medibank Private raised $5.7 billion.

Shares issued at $2.50 to new investors will deliver the company a market capitalisation of $4.9 billion according to an initial public offering report.

As of 12 July, 22 per cent of the new shares were accounted for by retail investors. Private equity made by cornerstone investors reportedly represented 47 per cent of stock acquired at an undisclosed price.

Vitol, a global commodities trader, acquired the business and its network of 1,165 petrol stations for close to $2.9 billion from Shell in 2014.

The purchase also included Royal Dutch Shell’s refinery in Geelong. A further $1 billion had been invested by Vitol to upgrade the business and improve its jet fuel operations with a 50 per cent stake in wholesaler Liberty Oil.

Vitol has chosen to trade 55 per cent of its stake in Viva Energy, whose Chief Executive, Scott Wyatt, will receive a $3.4 million cash bonus for bringing the company to market.

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