Aegis Vopak IPO Opens In ₹223-235 Band, Lot Size 63 Shares; GMP Slips Slightly
Aegis Vopak Terminals' IPO saw weak investor interest on Day 1. The GMP fell as bidding remained muted. Experts suggest long-term investment potential, though near-term listing gains may be limited due to high valuation.
Aegis Vopak Terminals' IPO saw weak investor interest on Day 1. |
Mumbai: The initial public offering (IPO) of Aegis Vopak Terminals started on Monday, May 26, and will remain open till Wednesday, May 28, 2025. On Day 1, the IPO received a poor response across all investor categories.
The company is offering shares in a price band of Rs 223-235 each. Investors need to apply for at least 63 shares or in multiples of that. Aegis Vopak aims to raise Rs 2,800 crore by selling up to 11.91 crore shares.
Subscription Status So Far
As of 1:10 pm on Day 1, investors had applied for only 6 per cent of the offered shares.
Retail investors subscribed about 13 per cent of their quota.
Non-Institutional Investors (NIIs) showed only 1 per cent interest.
Qualified Institutional Buyers (QIBs) booked 7 per cent of their reserved portion.
Grey Market Premium Falls
The grey market premium (GMP) for Aegis Vopak shares has dropped. It was last heard at around Rs 10 per share, down from Rs 15 before the IPO opened. This suggests listing gains of only 4–5 per cent, which is quite low.
Company Overview
Formed in 2013, Aegis Vopak Terminals runs storage terminals for LPG and liquid bulk products like petroleum, vegetable oils, and chemicals. It is a leading third-party storage player in India, with terminals in Mumbai, Haldia, Kochi, and Pipavav.
In the first nine months ending December 2024, it reported a profit of Rs 85.89 crore and revenue of Rs 476.15 crore. For the full year FY24, it had Rs 86.54 crore profit and Rs 570.12 crore revenue. Its post-IPO market cap is estimated at Rs 26,737.80 crore.
Expert Opinions
Many analysts recommend subscribing for the long term, citing:
- Strong parent support
- Important role in clean energy infrastructure
- Expected future growth with new terminals from FY26
However, concerns include:
- High valuation (EV/EBITDA of 57x)
- Geographic concentration in West India
- Debt levels
Other Details
The company raised Rs 1,260 crore from anchor investors. Allocation is:
- 75 per cent to QIBs
- 15 per cent to NIIs
- 10 per cent to retail investors
ICICI Securities, HDFC Bank, and others are managing the IPO. Shares will be listed on BSE and NSE on Monday, June 2, 2025. MUFG Intime India (Link Intime) is the registrar.
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