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Fuel Wholesaler Arko Petroleum Raises $200 Million in US IPO [Yahoo! Finance Canada]

ARKO Corp. (ARKO) 
store firm Arko Corp., raised $200 million in an upsized initial public offering that priced at the bottom of a marketed range. The Richmond, Virginia-based fuel distributor sold about 11.1 million shares at $18 each, according to a statement Wednesday. Arko Petroleum had marketed 10.5 million shares for $18 to $20 each, according to earlier filings with the US Securities and Exchange Commission. Most Read from Bloomberg At the IPO price, the company has a market value of around $830 million based on the outstanding shares listed in its filings. Arko Petroleum operates in more than 30 US states and delivers fuel to over 1,100 Arko convenience store gas stations including brands like Fas Mart and E-Z Mart. The firm also distributes fuel to over 2,000 third-party gas stations in the US and distributes wholesale fuel to unstaffed fueling locations serving commercial fleets. Net income attributable to Arko Petroleum fell to $24.7 million on revenue of $4.27 billion for the nine Show less Read more
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