Vivo Energy Closes Largest African IPO In Over a Decade

The company's shareholders raised over £500 million from sales of current shares, valuing it at almost £2 billion


Vivo Energy has launched on the London Stock Exchange. With admission due to take place on 10 May 2018, Vivo’s shareholders raised over £500 million from sales of current shares, valuing the company at almost £2 billion.

The company is a leading firm that was established in 2011, distributing oil products like gasoline, diesel fuel and lubricants in over 10 countries across Africa. The 2017 edition of the London Stock Exchange Group’s ‘Companies to Inspire Africa’ report identified Vivo as one of the fastest growing and most dynamic private businesses in Africa.

The IPO is the largest Africa-based London listing since Telecom Egypt raised £514 million in December 2005.

John Daly, Chairman of Vivo Energy, said “The listing today represents a major milestone for Vivo Energy. We are delighted to welcome our new shareholders to the register. We would like to thank all my colleagues for their hard work in reaching this significant moment in the Company’s history. We look forward with confidence to the next stage of our development as a listed business.”

Tom Attenborough, Head of International Business Development, London Stock Exchange, said “The success of Vivo Energy’s IPO is a strong statement of international investor interest in building exposure to Africa. As a London-listed company, Vivo Energy, will gain access to the world’s most international market, as well as an unrivalled source of deep liquidity and new investors.”

“With 108 African businesses listed or trading on London Stock Exchange, with a total market capitalisation of over $200 billion, London is a strong partner to African companies seeking to attract international investment.”

London Stock Exchange Group has a long history supporting the development of African capital markets and investment in African companies.

AFRICA ON THE EXCHANGE

  • There are 108 African companies listed or trading on the London Stock Exchange – more than any other international stock exchange
  • These companies have a total market capitalization of over $200 billion, and in the last 10 years have raised more than $16 billion on London’s markets
  • In May 2018, the first Kenyan company, Olsuswa Energy, joined LSEG’s business support and capital raising programme, ELITE, following a Memorandum of Understanding signed in April 2018 between ELITE, the Nairobi Securities Exchange and FSD Africa to explore the launch of ELITE in Kenya
  • In May 2018, Angola launched a $3 billion Eurobond on the London Stock Exchange, the country’s biggest international bond and the first international issuance since 2015
  • In June 2017, Nigeria raised $300 million through its first Diaspora Bond on the London Stock Exchange. The retail bond was aimed at Nigeria’s global expatriate community seeking to invest in the country’s development. It was the first bond of its kind from sub-Saharan Africa
  • There are currently 9 African sovereign bonds listed in London, from Gabon, Ghana, Namibia, Nigeria, and Zambia