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Arie Kotler, Arko president and CEO, rang the opening bell on Thursday at the Nasdaq MarketSite in New York. | Nasdaq
Arko Petroleum Corp., a subsidiary of Arko Corp., has priced its initial public offering at $18 per share, the company said Wednesday.
The offering includes 11.1 million shares of Class A common stock. Underwriters have a 30-day option to buy up to 1.7 million additional shares to cover over-allotments, Arko said.
On the Nasdaq under the ticker symbol “APC,” the IPO is expected to close Feb. 13, the company said.
Arie Kotler, Arko president and CEO, rang the opening bell on Thursday at the Nasdaq MarketSite in New York.
“We don’t just move fuel, we move the economy forward with a model built to last,” he said, adding that “we enter this market today with a strong balance sheet and financial flexibility to lead to the consolidation of a fragmented industry.”
Arko Petroleum Corp.’s business will include the operations of Arko’s wholesale, fleet fueling and GPM Petroleum segments, including fuel distribution to Arko’s convenience stores, the Richmond, Virginia-based company said in December when it first announced plans to take its wholesale fuel arm public. Arko Corp. is the parent company of GPM Investments, it’s c-store arm.
Arko operates in four segments: retail, which includes convenience stores under a family of community brands selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to the company’s retail and wholesale sites.
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