ARKO Petroleum is eyeing up a $910 million valuation as it kicks-off the roadshow for its upcoming U.S. IPO.
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Raising $210 Million
ARKO said it expects to raise up to $210 million in the offering by selling 10.5 million shares in a price range of $18 to $20 apiece, according to a filing with the U.S. Securities and Exchange Commission.
The company, which is a subsidiary of convenience store operator ARKO Corp (ARKO) has applied to list on the Nasdaq exchange under the symbol “APC.”
UBS (UBS) Investment Bank, Raymond James (RJF) and Stifel (SF) are serving as lead book-running managers in the IPO. Mizuho (MFG) and Capital One Securities are also acting as joint book-running managers in the IPO.
ARKO Corp is a Fortune 500 company and one of the largest convenience store operators, fuel wholesalers and cardlock operators in the United States
The ARKO Petroleum business primarily engages in wholesale fuel distribution, catering to gas stations and third-party dealers in more than 30 U.S. states.
Its business includes all of the operations of ARKO’s wholesale and fleet fueling and GPMP and is responsible for the wholesale distribution of motor fuels to substantially all of ARKO’s retail convenience stores that sell fuel.
It reported a decline in nine-month revenue to $4.27 billion in its filing, compared with $4.92 billion a year ago.
Listings Bonanza
Other energy companies looking at a listing this year include solar and battery storage firm SOLV Energy, which is targeting a valuation of as much as $4.99 billion in its IPO.
More generally the start of the new year has heralded an IPO revival with listings and filings from a wide range of businesses and sectors.
This includes aerospace and defense technology company L3Harris (LHX) and its plans to list its rocket motors business, with crypto group BitGo (BTGO)and construction group EquipmentShare (EQPT) already gone public. Other big names which might list this year include Anthropic and OpenAI.
What Other IPOs are in the Pipeline?
Let’s look at other IPOs in the pipeline with our TipRanks IPO Calendar.
