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Viva Energy REIT plans A$911M IPO in Australia

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Capital Markets View – January 2021


Viva Energy REIT plans A$911M IPO in Australia

Viva Energy REIT expects to raise A$911 million in anIPO and start trading on the Australian bourse Aug. 3, according to aprospectus cited by The AustralianFinancial Review.

The IPO units will be offered at A$2.20 apiece. The petrolstation owner's market cap is expected be about A$1.52 billion when it lists,the report said.

Deutsche Bank, Bank of America Merrill Lynch, WilsonHTM, Morgans, National Australia Bank and Craigs Investment Partners are theco-managers of the IPO.

Earlier,the publication said that 70% of the IPO units were allocated to cornerstoneinvestors, most of which are domestic generalist funds.

As such, the remaining IPO units will be split equallybetween retail investors and in an institutional book-building process.

The new REIT also plans to hold an investorroadshow from July 18 to July 22, according to a separate report.The retail sale of the units will open July 18.

News of Viva Energy Australia's REIT spinoff came out August 2015.It eyed a listing in the same year, but the plan was by proceedings with its major tenant.

The AFR reportedthat Viva Energy REIT's initial portfolio comprises 425 freehold servicestation sites that are leased to Viva Energy Australia, the resulting entityfrom the acquisition of energy trading company Vitol of Shell's Australiandownstream business.

As of July 8, US$1 wasequivalent to A$1.32.