Vivo Energy Investments B.V., a major licensee of Royal Dutch Shell PLC’s fuels and lubricants in Africa, is preparing to list in the London Stock Exchange.

Dow Jones reported that Vivo Energy is working with a group of global investment banks as underwriters for the offering. The company is being valued at more than USD3 billion, according to the Dow Jones report.

Based in the Netherlands, Vivo distributes and markets Shell-branded products across 16 African countries, including lubricants and liquefied petroleum gas to customers in the aviation, marine and mining industries. It also operates a network of more than 1,780 fuel stations across the continent under the Shell brand.

Vivo Energy was established in 2011 after Shell sold the majority of its downstream operations in 14 African markets for USD1 billion to Vitol S.A and Helios Investment Partners, a private-equity firm focused on Africa. Shell retained a 20% stake, which was sold this year to Vitol and Helios, for USD250 million.

Two of Vivo Energy’s subsidiaries are already listed on African stock markets–in Mauritius and on the Bourse Régionale des Valeurs Mobilières of the WAEMU, based in Abidjan, Côte d’Ivoire.