Aegis Vopak Terminals Limited is a strategic joint venture between Aegis Logistics Limited India and Royal Vopak of the Netherlands. The company operates a network of 20 tank terminals across six key Indian ports including Haldia, Kandla, Pipavav, upcoming JNPT, Mangalore and Kochi. These terminals provide vital storage and handling infrastructure for petroleum and chemical products.

The company is launching an Initial Public Offering as a Book Built Issue with a fresh issue size of ₹ 2800 crore consisting of 1191.48 lakh equity shares. The IPO opens for subscription on May 26, 2025 and closes on May 28, 2025. The allotment is expected to be finalised on May 29, 2025 and the shares will be listed on both BSE and NSE with a tentative listing date of June 2, 2025.

The price band for the IPO is fixed between ₹ 223 and ₹ 235 per equity share. At the upper price band of ₹ 235, the company’s market capitalisation post issue will be approximately ₹ 26,037.79 crore. The IPO lot size is 63 shares per lot. Retail investors are required to invest a minimum of ₹ 14,805 while High Net Worth Individuals must invest in minimum 14 lots (882 shares) amounting to ₹ 2,07,270.

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

Financial Performance and Growth

Aegis Vopak Terminals has demonstrated steady financial growth since inception. Revenues from operations stood at ₹ 4761.49 million for the nine months ended December 31, 2024 and ₹ 5701.21 million for the full fiscal year 2024. EBITDA increased from ₹ 2,319.61 million in 2023 to ₹ 4,058.97 million in 2024 showing significant operational improvement. The company reported a profit after tax of ₹ 858.91 million for the nine months ended December 2024 and ₹ 865.44 million for fiscal 2024, recovering from losses in prior years.

Key performance indicators show a pre-issue Earnings Per Share (EPS) of ₹ 0.91 and post-issue EPS of ₹ 0.78 for FY24. The pre-issue Price to Earnings (P/E) ratio stands at a high 258.24 times and post-issue P/E ratio at 300.86 times, substantially above the industry average P/E of 43 times. Return on Capital Employed (ROCE) for FY24 is 8.39 percent, Return on Equity (ROE) 8.68 percent and Return on Net Worth (RoNW) 7.51 percent. The annualised EPS based on latest financials is ₹ 1.18 with a P/E of 198.03 times. These ratios indicate the IPO is fully priced relative to current earnings.

Grey Market Premium and Listing Outlook

The Grey Market Premium (GMP) for Aegis Vopak Terminals IPO is currently zero, suggesting no expected listing gains at present. Since GMP depends on unofficial trading with no regulated price discovery, it should be treated only as an informational indicator.

Given the fully priced valuation, high P/E multiples and modest returns, investors seeking listing gains may prefer to avoid this IPO. Conservative investors should consider the company’s growth prospects and sector fundamentals before investing.

About the Promoters

The promoters of Aegis Vopak Terminals Limited include Aegis Logistics Limited, Huron Holdings Limited, Trans Asia Petroleum INC, Asia Infrastructure Investment Limited, Vopak India B.V. and Koninklijke Vopak N.V. Their combined expertise supports the company’s leadership in tank terminal operations across India.

For more information please contact
ICICI Securities Limited, BNP Paribas, IIFL Capital Services Limited, Jefferies India Private Limited, HDFC Bank Limited
Book Running Lead Managers

MUFG Intime India Private Limited
Registrar

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