Sunday 19 November 2017 2:19 pm

Africa-focused petrol station chain Vivo Energy is preparing a London IPO

The London Stock Exchange is set for a boost as petrol stations chain Vivo Energy prepares a $3bn (£2.3bn) float, according to reports.

The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries, has plans to launch its initial public offering (IPO) next year, the Sunday Times reported.

Vivo is owned by oil trader Vitol, which is headed by Tory party donor Ian Taylor, and buyout firm Helios Investment Partners. Taylor, who gave £350,000 to Remain during Brexit campaigning, has amassed a £180m fortune.

Vitol and Helios bagged Shell’s African petrol stations in 2011 for $1bn.

The petrol stations operator is said to have hired Citi, JP Morgan and Credit Suisse to handle the IPO.

Helios declined to comment while Vivo and Vitol did not respond to a request for comment.

Cabot Credit Management last week became the latest in a series of cancelled billion-pound floats. Mast maker Arqiva ditched a £6bn float citing market uncertainty while food supplier Bakkavor scrapped a £2bn float due to volatility on the same day.

Read more: Petrol station firm MRH eyes £1.5bn float