Aegis Vopak Terminals Limited has launched its Initial Public Offering (IPO) to raise capital for business growth. The IPO comprises entirely a fresh issue of 11.91 crore equity shares. The total offer size aggregates up to Rs. 2,800 crore. The IPO opens on May 26, 2025, and closes on May 28, 2025. The equity shares will be listed on the NSE and BSE following the issue. Here’s everything you need to know.
GMP of Aegis Vopak Terminals IPO
As of May 27th, 2025, the shares of Aegis Vopak Terminals Limited in the grey market were trading at a 3.4 percent premium. The shares in the Grey Market traded at Rs. 243. This gives it a premium of Rs. 8 per share over the cap price of Rs. 235. This IPO is a pure fresh issue with no offer-for-sale component.
Overview of Aegis Vopak Terminals Limited
Aegis Vopak Terminals Limited (AVTL) was incorporated in 2013 and operates storage terminals for LPG and various liquid products. The company ensures safe handling of petroleum, chemicals, vegetable oils, lubricants, and gases like propane and butane. AVTL manages a total storage capacity of about 1.50 million cubic meters for liquids and 70,800 metric tons for LPG as of June 30, 2024.
The company operates through two main divisions such as the Gas Terminal Division, focusing on LPG storage, and the Liquid Terminal Division, handling petroleum, chemicals, and oils. The company manages over 30 types of chemicals and more than 10 types of edible and non-edible oils.
The company operates two LPG storage terminals and 16 liquid storage terminals located across five major ports in India, such as Haldia, Kochi, Mangalore, Pipavav, and Kandla. These terminals handle coastal shipping, imports, and exports.
Promoters of Aegis Vopak Terminals
The promoters of Aegis Vopak Terminals include Aegis Logistics Limited, Vopak India B.V., Koninklijke Vopak N.V., Huron Holdings Limited, Asia Infrastructure Investment Limited, and Trans Asia Petroleum Inc. These promoters bring deep experience in energy logistics and infrastructure.
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Lead Managers of Aegis Vopak Terminals IPO
The book-running lead managers for the IPO are ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India Private, and HDFC Bank Limited. MUFG Intime India Pvt Limited acts as the registrar for the issue.
Objectives of the IPO Offer
Aegis Vopak Terminals plans to use the IPO proceeds for three main purposes. First, it will repay or prepay part of its existing loans of up to Rs. 2,015.95 crore. Second, the funds will be allocated for capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangalore of Rs. 671.30 Crore. Third, the remaining funds will be used for general business needs.
Financial Analysis of Aegis Vopak Terminals
Aegis Vopak Terminals Limited’s total revenue has increased from Rs. 355.99 crore in FY23 to Rs. 570.12 crore in FY24, which represents a growth of 60.15 percent. The net profit of the company has turned from negative to positive, from a net loss of Rs. 0.08 crore in FY23 to a net profit of Rs. 86.54 crore in FY24. In the 9M FY25, the company earned revenue of Rs. 476.15 crore and a net profit of Rs. 85.89 crore.
Aegis Vopak Terminals vs Peers
Aegis Vopak Terminals reported revenue of Rs. 561.76 crore in FY2024 with an EPS of Rs. 1 and RoNW of 7.51 percent. In comparison, Adani Ports earned Rs. 26,710.56 crore with an EPS of Rs. 37.55 and RoNW of 15.32 percent. JSW Infrastructure reported Rs. 3,762.89 crore in revenue, Rs. 6.01 EPS, and a higher RoNW of 14.40 percent.
The company is smaller in scale, but it shows consistent profitability. Its Net Asset Value per share is Rs. 13.27, compared to Rs. 245.10 for Adani Ports and Rs. 41.77 for JSW Infrastructure.
Aegis Vopak Terminals Strengths and Weaknesses
Strengths
- Backed by globally experienced promoters like Royal Vopak.
- Strategically expanding terminal network at existing and new locations
- Long-term contracts with blue-chip clients ensure revenue visibility.
- Robust operational processes and safety standards.
- Consistent financial performance and growth prospects.
Weaknesses
- Business is exposed to regulatory and environmental risks.
- High dependence on a few key customers for revenue.
- Capital-intensive operations require continuous investment.
- Competition from large integrated logistics players.
- Sensitivity to fluctuations in the oil and gas sector.
Conclusion
Aegis Vopak Terminals offers investors a chance to participate in India’s growing energy infrastructure sector. With strong financials and a strategic promoter base, the company presents long-term value. However, investors should assess regulatory and sector-specific risks before investing.
Written By – Nikhil Naik
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