ARKO Petroleum raises 200 million dollars in an upsized US IPO
Fuel distributor ARKO Petroleum has priced its "upsized" U.S. IPO at the lower end of its range. This raised a little over $200 million.
The company based in?Richmond?Virginia sold 11,11 million shares on Wednesday at $18 each, as opposed to its advertised range of $18-$20. ARKO Petroleum was valued at $819 million in the IPO.
In early 2026, the IPO market is booming as soaring equity markets have sparked a flurry activity.
The company will be listed on the Nasdaq under the symbol APC.
ARKO Petroleum reported that it had made a profit in the nine months ended September 30 of $24.7million on revenues of $4.27billion, compared to a profit last year of $32.7million on revenues of $4.92billion.
The company intends to use the proceeds of this offering to pay down?debt as well as for general corporate purposes.
ARKO Petroleum is a wholesale fuel distributor that primarily serves gas stations and third-party dealers across more than 30 U.S. States.
The joint bookrunners are UBS Investment Bank, Raymond James Securities, Mizuho Securities, Stifel and Capital One Securities. (Reporting by Pragyan Kalita in Bengaluru; Editing by Maju Samuel)
(source: Reuters)
