Vivo Energy - largest UK-listed African IPO in over a decade

• Vivo Energy shareholders raise £548 million from investors, valuing the company at £1.98 billion
• Largest UK-listed African IPO since 2005 and largest IPO on London Stock Exchange to date in 2018
• First company from LSEG’s Companies to Inspire Africa report to float on London Stock Exchange
• Underlines London’s status as a leading global financial centre and premier funding partner to African issuers

London Stock Exchange today welcomes Vivo Energy, a leading retailer and marketer of Shell-branded fuels and lubricants in Africa, to the Premium Segment of the Main Market. Shareholders raised £548 million from the sale of existing shares to international investors, valuing the company at £1.98 billion.   

To celebrate the listing and start of conditional trading today, Tom Attenborough, Head of International Business Development, London Stock Exchange welcomed Vivo Energy to London Stock Exchange. Admission will take place on 10 May 2018.

Vivo Energy is also the first company identified in London Stock Exchange Group’s ‘Companies to Inspire Africa’ report to float on London Stock Exchange. The ‘Companies to Inspire Africa’ report was published in 2017 and identifies the fastest-growing and most dynamic private businesses across Africa.

John Daly, Chairman of Vivo Energy:
“The listing today represents a major milestone for Vivo Energy. We are delighted to welcome our new shareholders to the register. We have been thrilled with the level of support and interest we have had through this process from the global investor community and 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.”

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.”

Tom Attenborough, Head of International Business Development, London Stock Exchange:
“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.

• There are 108 African companies listed or trading on London Stock Exchange – more than on 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 $3bilion Eurobond on 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 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
• In March 2017, LSEG launched its inaugural ‘Companies to Inspire Africa’ report, a landmark publication identifying hundreds of the fastest-growing and most dynamic private businesses across Africa
• In March 2016, LSEG established an Africa Advisory Group, bringing together 12 distinguished business leaders, policymakers and investors from across Africa, to discuss the challenges and opportunities presented by the development of the continent’s capital markets
• In November 2014, London Stock Exchange Group and The Nigerian Stock Exchange signed a capital markets agreement to support African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier in 2014 of a unique new cross-border settlement process between the UK and Nigeri
• In June 2014, LSEG signed a strategic agreement with Casablanca Stock Exchange to share its expertise on the full exchange business chain, from listing to trading, and from clearing to settlement and custody with a commitment to position Casablanca’s capital markets and financial infrastructure as a regional hub
• Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria in April 2014
• LSEG market infrastructure technology is deployed in more 12 African markets, including Botswana Stock Exchange, Casablanca Stock Exchange and Johannesburg Stock Exchange
• There are currently 9 African sovereign bonds listed in London, from Gabon, Ghana, Namibia, Nigeria and Zambia