Viva Energy IPO fixed at $2.20: sources

The initial public offering of Viva Energy, the owner of a 425-strong network of Coles branded petrol stations, has been priced at $2.20 per share, according to sources.

The valuation reinforces the scale of demand for defensive stocks with large scale fund managers piling into a cornerstone process, ahead of an institutional bookbuild later this month.

Bank of America Merrill Lynch and Deutsche are joint lead managers to the deal, which is set to rank as one of the largest floats this year.