Aegis Vopak Terminals Limited is a strategic joint venture between India’s Aegis Logistics Limited and the Netherlands’ Royal Vopak, operating 20 tank terminals across six major Indian ports—Haldia, Kandla, Pipavav, JNPT (upcoming), Mangalore, and Kochi. This extensive network positions Aegis Vopak as a key player in India's oil, gas, and chemical storage infrastructure.

The company has come out with a Book Built Issue IPO amounting to ₹ 2,800.00 Crores. This IPO consists entirely of a fresh issue comprising 1,191.48 lakh equity shares. The IPO opens for subscription from May 26, 2025, and closes on May 28, 2025. The allotment date is expected to be on or about May 29, 2025, with shares listed on both BSE and NSE tentatively on June 2, 2025.

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

Lead Managers and Registrar
The IPO is managed by a consortium of reputable book running lead managers: 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
Currently, the Grey Market Premium for the Aegis Vopak Terminals IPO stands at ₹ 0, reflecting no expected listing gains. The GMP reflects unorganized market demand and supply and is provided only for educational purposes. Investors are advised to rely on official market listings rather than GMP for decision-making.

How to Check IPO Allotment Status
The allotment status will be declared on or around May 29, 2025. Investors can check their status through:

• Visiting the registrar’s official IPO allotment status page,

• Selecting “Aegis Vopak Terminals Limited IPO” from the IPO list,

• Entering their application number, PAN, or DP Client ID,

• Submitting to view the allotment results.

Objectives of the IPO Proceeds
Aegis Vopak intends to deploy the net proceeds towards:

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

2. ₹ 6,713.00 Million for capital expenditure related to acquiring the cryogenic LPG terminal at Mangalore,

3. The remainder for general corporate purposes.

Financial Performance Snapshot

• Revenues for FY2024 stood at ₹ 5,701.21 Million, up from ₹ 3,559.91 Million in FY2023, showing steady growth.

• EBITDA for FY2024 was ₹ 4,058.97 Million, compared to ₹ 2,319.61 Million in FY2023, indicating operational improvement.

• Profit After Tax (PAT) rose significantly from a loss of ₹ 0.75 Million in FY2023 to a profit of ₹ 865.44 Million in FY2024.

Key ratios for FY2024 include:

• Pre-issue EPS of ₹ 0.91 and post-issue EPS of ₹ 0.78,

• Pre-issue P/E ratio of 258.24x and post-issue P/E ratio of 300.86x, significantly higher than the industry average P/E of 43x,

• Return on Capital Employed (ROCE) at 8.39%, Return on Equity (ROE) at 8.68%, and Return on Net Worth (RoNW) at 7.51%.

These figures suggest the IPO is priced at a premium relative to the sector.

Expert Review and Recommendation
Given the high P/E ratio compared to the industry average and the company's current financial metrics, the IPO appears to be fully priced. The absence of any Grey Market Premium further implies limited upside on listing. Investors seeking short-term listing gains are advised to avoid the Aegis Vopak Terminals IPO at this stage.

In conclusion, Aegis Vopak Terminals IPO offers an opportunity to invest in a critical infrastructure player with steady financial growth, but the premium valuation means the IPO is better suited for investors with a long-term perspective rather than listing gains. Interested investors should carefully review their investment objectives before applying.

The Upcoming IPOs in this week and coming weeks are Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries, Borana Weaves.

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