Vivo Energy closes biggest Africa-focused IPO in a decade


Vivo Energy has closed the book on what will be the biggest Africa-focused initial public offering since 2005 in a flotation that values the petrol station and retail chain at slightly more than £2bn.

The listing breaks a drought of African-focused IPOs and is the first significant float since Seplat, a Nigerian oil and gas group, raised $500m in 2014 in a London-Lagos offering.

Barring last-minute hitches, Vivo will start conditional trading on the London Stock Exchange on Friday.

The listing of about 30 per cent of the company will be priced at 165p a share and should raise £650m or more, roughly the same as the amount raised by Telecom Egypt in 2005.

There had been some nervousness ahead of the float after other Africa-related IPOs, including that of Helios Towers, a mobile phone…

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