In the first quarter of the calendar year 2025, Dalal Street saw listings that accounted for 22% of global IPO issuance during the same period. Across both NSE and BSE, a total of 62 IPOs were listed, raising a combined $2.8 billion for the companies involved. While many companies are set to debut in the market in the coming weeks, Aegis Vopak Terminals Limited is particularly on investors’ watchlist.
About Aegis Vopak Terminals Ltd.
Aegis Vopak Terminals Ltd. is a joint venture between India’s Aegis Logistics and the Netherlands’ Royal Vopak. The company owns and manages terminals, truck loading stations, jetty connectivity, and pipelines. It provides safe storage for over 40 products, including chemicals, vegetable oils, petroleum, propane, and butane gases.
Currently, Aegis Vopak Terminals owns 20 tank terminals located at JNPT, Haldia, Pipavav, Kochi, Kandla, and Mangalore ports. The total capacity of these terminals is approximately 2,01,000 metric tons for LPG and 1.7 million cubic meters for liquid products.
Aegis Vopak Terminals Ltd. IPO Details
Aegis Vopak Terminals is launching the IPO, intending to use the proceeds to acquire a cryogenic LPG terminal at Mangalore on a contract basis. The remainder will be used to fund general corporate purposes and retire a portion of their existing debt.
Important IPO Timeline
| IPO Open Date | May 26, 2025 |
| IPO Close Date | May 28, 2025 |
| Allotment Date (Tentative) | May 29, 2025 |
| Initiation of Refunds | May 30, 2025 |
| Credit of Shares to Demat | May 30, 2025 |
| Listing Date (Tentative) | June 02, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 28, 2025 |
Key IPO Details
Here is the table on the Aegis Vopak Terminals IPO Review:
| Face Value | ₹10 per share |
| Issue Price Brand | ₹223 to ₹235 per share |
| Lot Size | 63 Shares |
| Total Issue Size | 11,91,48,936 shares (aggregating up to ₹2,800 Cr) |
| Fresh Issue | 11,91,48,936 shares (aggregating up to ₹2,800 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding Pre-issue | 98,88,42,553 shares |
| Shareholding Post Issue | 1,10,79,91,489 shares |
Lot Size of Aegis Vopak Terminals Ltd. IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 166 | ₹14,805 |
| Retail (Max) | 13 | 2158 | ₹1,92,465 |
| S-HNI (Min) | 14 | 2,324 | ₹2,07,270 |
| S-HNI (Max) | 67 | 10,956 | ₹9,91,935 |
| B-HNI (Min) | 68 | 11,122 | ₹10,06,740 |
Aegis Vopak Terminals Ltd. Financials
As of FY24, Aegis Vopak Terminals showcases decent key performance indicators. Its Return on Equity (ROE) stands at 8.68%, while the Return on Capital Employed (ROCE) is 8.39%. The EBITDA Margin reflects operational efficiency at 71.19%, with a Profit After Tax (PAT) Margin of 15.18%. Despite a Debt-to-Equity Ratio of 2.59, indicating moderate leverage, the company maintains a solid foundation. Here is more insight into its financials.
Key Company Financials
| Period Ended | 31 Dec 2024
(Crores) |
31 Mar 2024
(Crores) |
31 Mar 2023
(Crores) |
31 Mar 2022
(Crores) |
| Assets | ₹5,855.60 | ₹4,523.40 | ₹3,481.48 | ₹102.56 |
| Revenue | ₹476.15 | ₹570.12 | ₹355.99 | 0.00 |
| Profit After Tax | ₹85.89 | ₹86.54 | (₹0.08) | (₹1.09) |
| Net Worth | ₹2,037.61 | ₹1,151.94 | ₹1,098.20 | (₹0.53) |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | ₹2,485.75 | ₹2,586.42 | ₹1,745.17 | ₹98.10 |
Aegis Vopak Terminals Ltd.: Industry Outlook
- According to the Industry Consumption Review Report by the PPAC, petroleum product consumption in 2023–24 rose to 233.26 million metric tonnes (equivalent to 5.19 million barrels per day), a 4.6% rise compared to 223.02 MMT recorded in the previous year, driving demand for storage infrastructure.
- The Indian petrochemical sector is projected to grow at a 7-10% CAGR, with a demand for storage terminals increasing due to rising ethylene, propylene, and methanol imports. The chemical industry, valued at $220 billion, is expected to reach $300 billion by 2025, necessitating expanded storage capacity.
- India has 12 major and over 200 minor ports, handling 1.3 billion metric tons of cargo annually. The government’s Sagarmala Project, with an investment of ₹8 trillion, aims to enhance port connectivity and efficiency, benefiting storage terminal operators.
Final Take
Aegis Vopak Terminals Ltd. IPO presents an opportunity to invest in India’s growing liquid and gas storage infrastructure. The company benefits from strategic port locations, strong parentage, and long-term agreements with reputed clients, ensuring stable revenue streams. However, the IPO is priced at a high valuation with a P/E ratio of 259x, making it expensive compared to peers. Additionally, the funds raised will primarily be used for debt repayment and capital investments, which may limit immediate returns.
