Henrico-based Arko launches IPO of petroleum subsidiary, seeks up to $910M

Arko Petroleum is seeking a valuation of as much as $910 million in its U.S. initial public offering, the company said Tuesday, the latest to test the waters in a strong listings market.

Henrico County-based Fortune 500 convenience store operator Arko filed a registration statement Dec. 19, 2025, with the U.S. Securities and Exchange Commission for the IPO of its subsidiary.

The IPO market has seen renewed momentum going into 2026, as pent-up demand from a government shutdown last fall and strong investor appetite encourage more firms to go public.

Solar and battery storage firm SOLV Energy said last week it is targeting a valuation of as much as $4.99 billion in its IPO.

Investors have piled into new listings this year, with Brazilian fintech firm PicPay and satellite company York Space Systems seeing robust market debuts.

Arko Petroleum expects to raise up to $210 million in the offering by selling 10.5 million shares in a price range of $18 to $20 apiece, according to an amendment to the registration form filed Tuesday.

The company has applied to list on the Nasdaq exchange under the symbol “APC.”

Arko Petroleum’s  business will include the operations of Arko’s wholesale, fleet fueling and a segment that supplies fuel to Arko retail and wholesale sites.

It reported a decline in nine-month revenue to $4.27 billion in its filing, compared with $4.92 billion a year ago.

Virginia Business Associate Editor Beth JoJack contributed to this report.