ARKO Petroleum completes $200 million initial public offering

ARKO Petroleum Corp. (NASDAQ: APC) completed its initial public offering on February 13, raising approximately $183.2 million in net proceeds. The fuel distribution company sold 11,111,111 shares of Class A common stock at $18.00 per share.

The underwriters received a 30-day option to purchase up to an additional 1,666,666 shares at the offering price to cover over-allotments. APC's Class A common stock began trading on the Nasdaq Capital Market under the ticker symbol "APC."

Following the IPO closing, parent company ARKO Corp. (NASDAQ: ARKO) retained ownership of 35,000,000 shares of APC's Class B common stock. This represents 75.9% of APC's economic interests and 94.0% of the combined voting power of both share classes. If underwriters exercise their over-allotment option, ARKO's stake would decrease to 73.3% of economic interests and 93.2% of voting power.

UBS Investment Bank, Raymond James and Stifel served as lead book-running managers for the offering. Mizuho and Capital One Securities acted as joint book-running managers.

The Securities and Exchange Commission declared the registration statement effective on February 11. ARKO Petroleum describes itself as one of the largest wholesale fuel distributors in North America by gallons, serving customers across more than 30 states.

Richmond, Virginia-based ARKO Corp. operates convenience stores and fuel wholesale operations through multiple business segments, including its majority ownership of ARKO Petroleum Corp.

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