Viva la energy

VIVA Energy is expected to list on the Australian stock market next month with a market capitalisation of about $5 billion, making it Australia’s biggest initial public offering since 2014.

The Initial Public Offering (IPO) of the refinery, fuel supply and petrol stations business is expected to generate proceeds of up to $3 billion for its owners, led by global energy trader Vitol SA, when it lists on July 13.

Vitol and its partners expect to hold on to between 40 per cent and 50 per cent of the total shares in Viva following the offer, according to float documents released yesterday.

It would be the biggest IPO since Medibank’s $5.7 billion float in 2014. Viva Energy was created when Vitol and its partners bought a refinery at Geelong near Melbourne and petrol stations from Royal Dutch Shell in 2014.