Aegis Vopak Terminals IPO: Price, Overview, And GMP

Aegis Vopak Terminals IPO - Complete Overview 

Aegis Vopak Terminals IPO, a Mainboard IPO, is a book-built issue of Rs. 2,800 Cr (11.91 Cr Shares) by Aegis Vopak Terminals Limited, incorporated in 2013 and is involved in the operation and management of storage facilities for Liquefied Petroleum Gas (LPG) and other liquid products.

AVTL is responsible for the safe custody of Propane, Butane, and other products like petroleum, chemicals, vegetable oils, and lubricants. The infrastructure that accompanies the storage includes, but is not limited to:

The company gasifies and stores vegetable products along with chemicals, currently with 70,800 metric tons (MT) of gas capacity. By June 30 of 2024, the company will have approximately 1.50 million cubic meters of gas storage and 1.50 million cubic meters of liquid product storage distributed throughout.

It operates its business through two main divisions:

Gas Terminal Division – sole focus on the storage and handling of Liquefied Petroleum Gas (LPG).

Liquid Terminal Division – manages the storage of a wide variety of liquid products, including but not limited to: Petrol, Chemicals, and Vegetable oils. The number of types of chemicals and oils stored exceeds 30 and 1,0, respectively.

The private company under consideration possesses 2 LPG gas terminals and 16 liquid terminals, which are located in the five major ports of India. The Terminal handles coastal shipping, imports, and exports.

Haldia, W.B, Kochin, Kerala, Mangalore, Karnataka, Pipavav, Gujarat, Kandla, Gujarat are the ports capable of storing liquid approximately 1.50 million cu/mtr.

This new IPO is to be launched on 26 May 2025, and its ‘initial public offering’ will end on 28 May 2025.

Aegis Vopak Terminals IPO Details

This Mainline IPO comprises a wholly fresh issue of 11,91,48,936 Shares. The Aegis Vopak Terminals IPO date of listing is June 02, 2025. The Aegis Vopak Terminals IPO price is between Rs. 223 to Rs. 235 for each Share.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	5,855.60	4,523.40	3,481.48
Total Revenue	476.15	570.12	355.99
PAT	85.89	86.54	-0.08
Net Worth	2,037.61	1,151.94	1,098.20
Reserves & Surplus	-	-	-
Borrowings	2,485.75	2,586.42	1,745.17

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2024	31 Mar 2023	31 Mar 2022
Net Cash Flow Operating Activities	3,372.08	1,724.86	5.01
Net Cash Flow Investing Activities	(8,574.79)	(17,856.13)	(922.99)
Net Cash Flow Financing Activities	6,029.39	16,291.70	986.34

 

Revenue from Business Segment Breakdown

Revenue Breakdown from Services

(Amount in million)

(Source RHP)

 

The Objective of the Issue

• Whole or partial repayment or settlement of the business's outstanding debt.

• Financing capital expenditures for the negotiated purchase of Mangalore's cryogenic LPG terminal.

• To meet corporate objectives.

 

 

Peers of Aegis Vopak Terminals

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Adani Ports And Special Economic Zone Ltd.	2	37.55	37.48
JSW Infrastructure Limited	2	6.01	49.42

 

Evaluation

The Aegis Vopak Terminals Limited IPO price is Rs. 223 to Rs. 235 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs. 1 from the last year, the resulting P/E ratio is 235x.

Considering the weighted EPS of Rs. 0.50 for the last three years, the P/E ratio is 470x.

The Belrise Industries IPO application window is open till today only. 

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 43.25.

Particulars	P/E Ratio (x)
Highest	49.02
Lowest	37.48
Average	43.25

In simple words, the P/E ratio of this IPO (235x), compared with the industry’s average P/E of 43.25x, has an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

• India's largest third-party tankage operator for LPG & liquid storage by capacity.

• 61% of India's LPG and 23% liquid imports are handled by strategic port locations.

• Infrastructure expansion & storage efficiency proven track record.

• This is feasible operations focused on ESG with advanced safety & sustainability systems.

 

IPO’s Weaknesses

• High levels of revenue dependence on the top 10 customers raise concentration risk.

• Portional risks with respect to hazardous material handling and being port-based vulnerabilities.

• Lease agreements on some terminals expired and have not been renewed yet.

 

Aegis Vopak Terminals IPO GMP Today

Aegis Vopak Terminals IPO GMP is Rs. 0 as of May 23, 2025, when this information was written. With the price of Rs. 235, the Aegis Vopak Terminals IPO listing price might be Rs. 235 (estimated).

 

 

Aegis Vopak Terminals Limited IPO Timetable (Tentative)

The Aegis Vopak IPO dates are between May 26 to May 28. With IPO allocation on May 29, refund initiation on May 30, and listing on Jun 02, 2025.

Events	Date
IPO Opening Date	26 May 2025
IPO Closing Date	28 May 2025
IPO Allotment Date	29 May 2025
Refund Initiation	30 May 2025
IPO Listing Date	02 Jun 2025

 

IPO Other Details 

The IPO with a face value of Rs. 10 per Share, offers an IPO size of 11,91,48,936 Shares (Rs. 2800 Cr) and it will be listed at BSE and NSE.

IPO Opening & Closing date	26 May 2025 to 28 May 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 223 to Rs. 235
Lot Size	63 Shares
Issue Size	11,91,48,936 Shares (Rs. 2800 Cr)
Offer for Sale	-
Fresh Issue	11,91,48,936 Shares (Rs. 2800 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Link Intime India Private Ltd.

 

IPO GMP

The GMP IPO is available at our live IPO GMP page, where you get the new IPO GMP of open IPOs and the GMP of upcoming IPO.

 

Detailed Video

 

Aegis Vopak Terminals IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (63 Shares) amounting to Rs. 14,805 and 13 Lots (819 Shares) for Rs. 1,92,465 respectively, while for HNI investors, the minimum Lot is 14 (882 Shares) amounting to Rs. 2,07,270.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

 

IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Promoters and Management of Aegis Vopak Terminals Ltd. 

• Aegis Logistics Limited

• Huron Holdings Limited

• Trans Asia Petroleum INC

• Asia Infrastructure Investment Limited

• Vopak India B.V.

• Koninklijke Vopak N.V.

Pre-Issue Promoter Shareholding	97.41%
Post-Issue Promoter Shareholding	85.93%

IPO Lead Managers

• ICICI Securities Limited

• BNP Paribas, IIFL Securities Ltd.

• Jefferies India Private Limited

• HDFC Bank Limited.

 

 

Dividend Policy

The company has paid a dividend of Rs. 290 and Rs. 38.62 per Share, in FY24 and FY23, respectively.

 

Conclusion

Aegis Vopak Terminals IPO is an opportunity due to a robust storage footprint from industry-leading facilities in select strategic ports. Despite the high P/E, however, another word of caution is what it stands for investors.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

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DISCLAIMER: This IPO blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.