Vivo Energy is set to start trading on the JSE on May 10, it announced on Friday morning. Vivo said it had placed 332-million shares at £1.65 each, which equates to about R28.30 per share at Friday morning’s exchange rate of R17.15 to the pound. At £1.65 per share, Vivo will float with a market capitalisation of nearly £2bn, or R34bn — which means it will weigh in on the JSE at about the same size as Barloworld and MMI. The group, which owns a network of Shell garages in Africa and is in the process of acquiring Engen’s service stations outside SA, is listing in London with a secondary listing in Johannesburg. In its initial public offering (IPO) next Thursday, Vivo’s owners Vitol and Helios will sell 27.7% of the company to the public for £548m. One reason Vivo opted to list on both the JSE and the London Stock Exchange was that it needed to sell a combined minimum of 25% of its shares to the public. Vivo said in Friday’s statement that its initial public ownership may grow to 30.5...

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