Aegis Vopak Terminals IPO Set to Launch on May 26: Price Band at ₹223–₹235, Issue Size ₹2,950 Cr
By Ankur Chandra | Updated at: May 31, 2025 10:41 PM IST
MUMBAI, May 23, 2025 – Mark your calendars! Aegis Vopak Terminals Limited is stepping into the public market with its highly anticipated ₹2,950 crore Initial Public Offering (IPO), opening for subscription on May 26, 2025, and closing on May 28, 2025. This IPO will make its debut on both the BSE and NSE, with BSE taking the lead as the designated exchange. Notably, this is a 100% fresh issue, meaning there’s no Offer for Sale (OFS)—a clear signal that the funds raised are intended to directly support the company’s growth plans.
IPO at a Glance
| Detail | Info |
|---|---|
| Issue Opens | May 26, 2025 |
| Issue Closes | May 28, 2025 |
| Price Band | ₹223 – ₹235 per share |
| Issue Size | ₹2,950 crore (12.56 crore shares) |
| Market Lot | 63 shares |
| Listing Exchange | BSE, NSE |
| Allotment Date | On or around June 3, 2025 |
| Listing Date | On or around June 5, 2025 |
| Registrar | MUFG Intime India Pvt Ltd |
| BRLMs | ICICI Securities, BNP Paribas, IIFL, Jefferies India, HDFC Bank |
A Quick Look at the Company
Founded in 2013, Aegis Vopak Terminals Limited holds the title of India’s largest third-party tank storage provider for LPG and liquids by capacity (as of December 31, 2024). The company currently runs 2 LPG terminals and 18 liquid storage terminals, all strategically located across six major ports on India’s west coast.
This venture is backed by two heavyweights—Aegis Logistics Ltd and Dutch global player Royal Vopak—together holding a strong 97.41% pre-issue stake. The company, once known as Aegis LPG Logistics (Pipavav) Ltd, adopted its current name in August 2021.
Financial Performance at a Glance
| Particulars | FY24 | FY23 | 9M FY25 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 561.76 | 353.33 | 464.18 |
| Profit Before Tax (₹ Cr) | 121.02 | 2.60 | 113.99 |
| Net Worth (₹ Cr) | 1,151.94 | 1,098.20 | 2,037.61 |
| EPS – Diluted (₹) | 0.91 | 0.00 | 0.89 |
| ROE (%) | Not stated | Not stated | Not stated |
Utilisation of Funds
The company has clearly outlined its objectives for the IPO proceeds:
- ₹2,015.95 crore will go towards repaying borrowings
- ₹671.30 crore is earmarked for the acquisition of a cryogenic LPG terminal at Mangalore
- The rest will support general corporate purposes
Promoters & Shareholding Structure
| Shareholder | Pre-Issue Stake | Post-Issue Stake |
|---|---|---|
| Aegis Logistics Ltd | 50.10% | [To be updated] |
| Vopak India B.V. | 47.31% | [To be updated] |
Currently, there are no public shareholders, especially after a significant bonus issue in August 2024.
Lead Managers & Registrar
- Book Running Lead Managers (BRLMs): ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, HDFC Bank
- Registrar: MUFG Intime India Pvt Ltd (formerly Link Intime)
Points to Note
- Trusted Partnership: The joint venture between Aegis Logistics and Royal Vopak gives the company a robust operational foundation and industry trust.
- Geographic Dependency: Over 90% of revenue comes from west coast terminals, signalling a potential regional risk.
- Pending NOC: The Mangalore terminal acquisition is still awaiting a No Objection Certificate (NOC) from the local port authority, which may affect timelines.
- Customer Concentration: Around 45% of revenue in 9M FY25 came from the top 10 clients, indicating some reliance.
- GMP Buzz: Keep an eye on the grey market premium (GMP) trends in the days leading to the listing to gauge investor interest.
Final Thoughts
Aegis Vopak Terminals is positioned as a vital player in India’s liquid and gas terminal infrastructure network. With strong promoters, a focused strategy, and upcoming expansion plans, the IPO could offer investors a promising opportunity in the country’s evolving energy logistics space. If all goes as planned, the company is expected to be listed on BSE and NSE by June 5, 2025.
Disclaimer: This content is only for informational purpose. It does not make any recommendation to act or invest. Please read the offer documents carefully before investing. Investments are subject to market risks and other risks. There is no guarantee of the actual returns that will be given.
Source: https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=3940&type=IPO&idtype=1&status=F&IPONo=7084&startdt=26/May/2025
