Service station operator Viva Energy, Australia’s biggest float this year, has stumbled on debut on the ASX.
A short time ago, the shares were at $2.41, a 3.6% discount to the $2.50 strike price.
The $2.65 billion raised in the float will allow the business to seek acquisitions.
Viva is one of Australia largest energy companies and the exclusive licensee of the Shell brand and its products in Australia. Last year it had revenue of $15.6 billion and profit after tax of $289.7 million.