Aegis Vopak Terminals Limited is a strategic joint venture between Aegis Logistics Limited (India) and Royal Vopak (Netherlands). The company operates 20 tank terminals located across six major Indian ports including Haldia, Kandla, Pipavav, the upcoming JNPT terminal, Mangalore, and Kochi. These terminals cater primarily to storage and handling of liquid chemicals, LPG, and other bulk liquids, establishing Aegis Vopak as a critical player in India's logistics and energy infrastructure sector.

IPO Details

• The IPO is a Book Built Issue with a fresh issue size of ₹2,800 crores, comprising 1,191.48 lakh equity shares.

• Subscription period: May 26, 2025, to May 28, 2025.

• Price band: ₹223 to ₹235 per share.

• Market capitalization: At the upper band of ₹235, the company's IPO valuation stands at approximately ₹26,037.79 crores.

• Lot size: 63 shares per lot.

• Minimum investment for retail investors is ₹14,805, while High-Net-Worth Individuals (HNIs) must invest a minimum of 14 lots (882 shares) amounting to ₹2,07,270.

• Expected allotment date is May 29, 2025, with shares to be listed on BSE and NSE tentatively on June 2, 2025.

The book running lead managers include ICICI Securities, BNP Paribas, IIFL Capital, Jefferies India, and HDFC Bank. MUFG Intime India Pvt Ltd serves as the registrar for the IPO.

Grey Market Premium (GMP) Insights
Currently, the Grey Market Premium for Aegis Vopak Terminals IPO is ₹0, indicating no expected listing gains based on the company’s financials and market demand. GMP represents unofficial trading in IPO shares before they are listed on stock exchanges and depends heavily on demand-supply dynamics in informal markets. Investors are advised to exercise caution, as GMP does not guarantee actual listing price or returns.

Live Subscription Status Update
As of 10:30 AM on the last subscription day (May 28, 2025), the IPO has been subscribed 0.37 times indicating moderate investor interest. This subscription status can be tracked in real-time on the BSE platform and other financial websites.

Anchor Investors and Pre-IPO Placement
Aegis Vopak raised ₹1,259.99 crores from anchor investors at ₹235 per share. A total of 5,36,17,021 equity shares were allotted to these Qualified Institutional Buyers (QIBs). Anchor investor allocation is part of the QIB quota in the IPO and helps instill confidence for retail investors.

Objectives of the IPO Proceeds
The net proceeds raised from the IPO will be used primarily for:

1. Repayment or prepayment of outstanding borrowings amounting to ₹20,159.53 million.

2. Funding capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore, budgeted at ₹6,713 million.

3. General corporate purposes to support operational growth.

Financial Performance Review
The company’s recent financial performance shows steady improvement:

• Revenue for fiscal year ended Dec 31, 2024: ₹4,761.49 million (up from ₹3,559.91 million in 2023).

• EBITDA for FY24 stood at ₹3,533.60 million, reflecting operational profitability.

• Profit After Tax (PAT) improved to ₹858.91 million in FY24, showing a turnaround from previous losses.

Key ratios for FY24 include:

• Pre-issue EPS: ₹0.91; Post-issue EPS: ₹0.78.

• Pre-issue P/E ratio: 258.24x; Post-issue P/E ratio: 300.86x, significantly higher than the industry average of 43x.

• Return on Capital Employed (ROCE): 8.39%.

• Return on Equity (ROE): 8.68%.

• Return on Net Worth (RoNW): 7.51%.

These valuations suggest the IPO is priced at a premium, reflecting market expectations but also indicating limited margin for listing gains.

IPO Investment Considerations

• Aegis Vopak is positioned strongly with its extensive terminal network across key ports, enabling it to capitalize on India’s growing logistics and petrochemical sector.

• The company has shown improving financial metrics, especially profitability and revenue growth, but valuation multiples are high relative to industry peers.

• The current Grey Market Premium of zero reflects conservative market sentiment about listing gains.

• Investors should weigh the long-term growth potential against the IPO’s premium pricing.

Recommendation: Given the current valuations and GMP trends, cautious investors may avoid this IPO for short-term listing gains, but consider it if confident about long-term sectoral growth and company prospects.

How to Check Aegis Vopak IPO Allotment Status

• Visit the registrar’s IPO allotment status page.

• Select “Aegis Vopak Terminals Limited IPO” from the dropdown list.

• Enter your application number, PAN, or DP Client ID.

• Submit to view your allotment details.

Conclusion
Aegis Vopak Terminals Limited’s IPO offers a strategic investment opportunity in India’s logistics infrastructure with backing from global and domestic partners. While the company’s fundamentals show promise, the high valuation and muted Grey Market Premium suggest tempered expectations for immediate listing profits. Investors should carefully evaluate their risk appetite and investment horizon before subscribing.

The Upcoming IPOs in this week and coming weeks are 3B Films, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are N R Vandana Tex Industries, Scoda Tubes, Neptune Petrochemicals, Blue Water Logistics, Astonea Labs, Nikita Papers, Prostarm Info Systems, Aegis Vopak Terminals, Schloss Bangalore.

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