The subsidiary of the listed logistics firm, Aegis Logistics, sold its shares in the range of ₹223-235 apiece.
Ahead of its debut, the grey market premium (GMP) for Aegis Vopak IPO
stood at ₹1.5 as of May 30. Based on this, the estimated listing price could be around ₹236.5 per share, compared to the upper price band of ₹235. This shows a flat listing of 0.64%, if the premium holds.
The company is valued at ₹26,038 crore at the upper price band. Aegis Vopak has revised the IPO issue size to ₹2,800 crore, down from the earlier proposed ₹3,500 crore.
The public offer included a complete fresh issue of 11.91 crore shares, aggregating up to ₹2,800 crore. There was no offer-for-sale component.
Proceeds from the IPO will be utilised for debt repayment and capital expenditure, particularly towards the contracted acquisition of the cryogenic LPG terminal at Mangalore.
Ahead of the issue launch, the company has raised Rs 1,260 crore crore from 32 anchor investors. The anchor allocation bid saw participation from global funds like Goldman Sachs, Nomura Trust & Banking Co, Scotland-based Aberdeen Standard SICAV I – Indian Equity Fund and TOCU Europe III S.A R.L. fund.
Company overview
Established in 2013, Aegis Vopak Terminals was a joint venture between Aegis Logistics and Vopak India BV (part of Royal Vopak, a Netherlands-based leading global tank storage company).
Aegis Vopak provides tank storage and handling services for various types of liquids and LPG gases and is India’s largest third-party owner and operator of tank storage terminals for LPG and Liquid products. The company offers secure storage and associated infrastructure for products like petroleum, chemicals, lubricants, vegetable oil and LPG.
For fiscal 2024, Aegis Vopak Terminals posted a revenue of ₹154 crore, compared to ₹114 crore in the previous year. Net profit rose to ₹25.78 crore from ₹7.32 crore. As of September 2024, the company’s total outstanding borrowings stood at ₹2,546.68 crore.
ICICI Securities, BNP Paribas, IIFL Securities, Jefferies India, HDFC Bank were the book running lead managers of the Aegis Vopak Terminals IPO, while Link Intime India was the registrar.
