Aegis Vopak Terminals Ltd., a strategic joint venture between Aegis Logistics Limited India and Royal Vopak of the Netherlands, operates a network of 20 tank terminals across six key Indian ports, including Haldia, Kandla, Pipavav, JNPT (upcoming), Mangalore, and Kochi. This extensive infrastructure supports the company’s role as a major player in India's logistics and storage sector.

IPO Overview

The company has launched a Book Built Issue IPO amounting to ₹ 2,800 Crores, comprising entirely a fresh issue of 1,191.48 lakh equity shares. The subscription window opens on May 26, 2025, and closes on May 28, 2025. The IPO allotment is expected to be finalized on or about May 29, 2025, with a tentative listing date on June 2, 2025, on both the BSE & NSE.

The share price band is fixed between ₹ 223 to ₹ 235 per equity share. Based on the upper price band of ₹ 235, the company’s market capitalization will be approximately ₹ 26,037.79 Crores. The IPO lot size is fixed at 63 shares, requiring a minimum investment of ₹ 14,805 for retail investors. High-Net-Worth Individuals (HNIs) must apply for at least 14 lots (882 shares), amounting to a minimum investment of ₹ 2,07,270.

The book running lead managers for this IPO include ICICI Securities Limited, BNP Paribas, IIFL Capital Services Limited, Jefferies India Private Limited, and HDFC Bank Limited. The registrar for the issue is MUFG Intime India Private Limited.

Grey Market Premium (GMP) Status

The Grey Market Premium for Aegis Vopak Terminals IPO is currently expected to be ₹ 0, reflecting no anticipated listing gains based on the company's financial performance and valuation. As grey market trading is informal and unregulated, it is not recommended to rely on GMP for investment decisions.

Live Subscription Status

As of 7:00 PM on May 28, 2025, the IPO was subscribed 2.09 times, indicating good investor interest on the final day. Real-time subscription status can be checked on the BSE website.

Anchor Investors Participation

Anchor investors have committed a total of ₹ 1,259.99 Crores by subscribing to 5,36,17,021 equity shares at the upper price band of ₹ 235 per share. These shares are allocated from the Qualified Institutional Buyers (QIB) portion.

How to Check IPO Allotment Status

The allotment status will be available on the registrar's website starting May 29, 2025. Investors can:

• Visit the IPO allotment status page

• Select Aegis Vopak Terminals Limited IPO

• Enter application number, PAN, or DP Client ID

• Submit details to verify allotment

Objectives of the IPO Proceeds

The net proceeds from the IPO will be used as follows:

1. ₹ 20,159.53 Million for repayment or prepayment of certain outstanding borrowings.

2. ₹ 6,713.00 Million for funding capital expenditure related to the contracted acquisition of a cryogenic LPG terminal at Mangalore.

3. The balance for general corporate purposes.

Financial Performance and IPO Valuation

The promoters of Aegis Vopak Terminals include Aegis Logistics Limited, Huron Holdings Limited, Trans Asia Petroleum INC, Asia Infrastructure Investment Limited, Vopak India B.V., and Koninklijke Vopak N.V.

The company has shown consistent growth:

• Revenue from operations increased from ₹ 0.03 Million in 2022 to ₹ 5,701.21 Million in fiscal 2024.

• EBITDA improved significantly to ₹ 4,058.97 Million in fiscal 2024 from negative ₹ -5.72 Million in 2022.

• Profit after tax rose to ₹ 865.44 Million in fiscal 2024 from losses in previous years.

Key ratios:

• Pre-issue EPS for FY24: ₹ 0.91

• Post-issue EPS for FY24: ₹ 0.78

• Pre-issue P/E ratio: 258.24x

• Post-issue P/E ratio: 300.86x (industry average is 43x)

• ROCE: 8.39%

• ROE: 8.68%

• RoNW: 7.51%

The IPO appears fully priced given the elevated P/E ratios and modest returns compared to industry benchmarks.

IPO Review and Recommendation

Considering the company’s financials and valuation metrics, the Grey Market Premium (GMP) is zero, indicating that investors are not expecting significant listing gains. With a high post-issue P/E ratio and average return ratios, the IPO seems fairly priced but does not offer an attractive margin for listing profits.

Investment Recommendation: Investors looking for quick listing gains may consider avoiding the Aegis Vopak Terminals IPO due to its high valuation and limited upside potential. However, long-term investors interested in India’s infrastructure and logistics sector may evaluate the company’s strategic positioning and steady growth prospects before investing

.

The Upcoming IPOs in this week and coming weeks are Ganga Bath Fittings, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are 3B Films, N R Vandana Tex Industries, Scoda Tubes, Neptune Petrochemicals.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.