Henrico-based Arko Petroleum raises $183M in IPO

Henrico County-based Fortune 500 convenience store operator Arko closed its initial public offering last week of fuel subsidiary Arko Petroleum, raising $183.2 million.

The distributor sold 11 million shares of its Class A common stock at $18 a share, after the IPO valued Arko Petroleum at about $819 million. Earlier in the month, the company said it was seeking a valuation of as much as $910 million in its U.S. IPO.

Just before closing Tuesday, the stock was priced at $18.25 a share.

Arko filed a registration statement in December 2025 with the U.S. Securities and Exchange Commission.

The IPO market has seen renewed momentum as soaring equity markets and pent-up demand for new listings have sparked a flurry of activity in early 2026.

The company will list on the Nasdaq exchange under the symbol “APC.”

Arko Petroleum reported a profit of $24.7 million on revenue of $4.27 billion for the nine-month period ended Sept. 30, 2025, compared with a $32.7 million profit on revenue of $4.92 billion a year earlier.

The company plans to use proceeds from the offering to pay down debt and for general corporate purposes.

Arko Petroleum primarily engages in wholesale fuel distribution, catering to gas stations and third-party dealers in more than 30 U.S. states.

UBS Investment Bank, Raymond James, Stifel, Mizuho Securities and Capital One Securities are the joint bookrunners for the offering.