Vivo Energy PLC (LON:VVO), the operator of Shell petrol stations across Africa has priced its IPO at 165p, valuing the group at just shy of £2bn.
The group is owned by commodities trading group Vitol and Helios Investment Partners and operates in 15 countries across Africa, where it has a 23% market share.
No new money was raised for the company, with the owners selling a 27.7% stake worth £548mln.
In conditional dealings today, shares were trading at 170.6p.
Christian Chammas, the group's CEO, said: "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."
Underlying earnings (EBITDA) were US$326mln in 2017, up from US$286mln.