Aegis Vopak Terminals Limited is one of India’s largest third-party owners and operators of tank storage terminals for LPG and liquid products, with business divisions in gas (LPG) and liquid storage.
| IPO opens | May 26, 2025 |
| IPO Closes | May 28, 2025 |
| IPO Size (Rs.) | ₹2,800.00 Cr |
| Breakup | fresh issue ₹2,800.00 Cr |
| Face Value: | ₹ 10 |
| IPO Price Rs : | ₹223–₹235 per share |
| Minimum Lot | 63 shares |
| Listing At | NSE , BSE (mainboard) |
| QIB | ~75 % (anchor 45%) |
| NII Quota | ~15% |
| Retail Quota | ~10% |
| BRLM | JM Financial, BofA Securities, Morgan Stanley, J.P. Morgan, Kotak Mahindra Capital, Citigroup Global Markets, IIFL Capital, ICICI Securities, Motilal Oswal, SBI Capital Markets |
| Registrar | KFin Technologies |
Aegis Vopak Terminals IPO:
- Aegis Vopak Terminals Limited is a joint venture between Aegis Logistics Limited of India and Royal Vopak of the Netherlands, combining global and local expertise in tank storage and logistics.
- The company operates a network of 20 specialized terminals across six major Indian ports, including Haldia, Kandla, Pipavav, JNPT, Mangalore, and Kochi. Its facilities handle a diverse range of over 40 products, such as LPG, oil, liquid chemicals, petrochemicals, gases, bitumen, and vegetable oils. With a total storage capacity of 1.7 million cubic meters for liquids and 201,000 metric tons for LPG,
- Its infrastructure includes product tanks, jetty connectivity, truck loading stations, and pipelines for integrated logistics solutions. Aegis Vopak Terminals serves both domestic and international customers from private, public, and retail sectors. It is recognized for operational reliability, safety, and sustainability.
- Its Gas Terminal Division, which contributed 92.2% of revenue in FY24. It manages the import, storage, and distribution of LPG and propane for oil marketing companies.
- The Liquid Terminal Division, accounted for 7.80% of revenue in FY24. It handles storage and transportation of bulk liquids,including petroleum, petrochemicals, and chemical
Financials : Aegis Vopak Terminals IPO
| Period | Revenue (₹ million) | PAT (₹ million) | EPS (₹) | RoNW (%) |
| FY23 | 3,559.91 | -0.75 | NA | -0.01 |
| FY24 | 5,701.21 | 865.44 | 0.91 | 7.51 |
| 9M FY25 | 4,761.49 | 858.91 | 0.89 | 4.22 |
TTM P/E is 181
Anchors: Aegis Vopak Terminals IPO
6 domestic mutual funds received 1.58 crore shares (29.56% of anchor allocation) through 17 schemes. Top 10 investors ar
| Rank | Anchor Investor Name | Estimated % of Anchor Allocation |
|---|---|---|
| 1 | HDFC Mutual Fund (multiple schemes) | 8.5% |
| 2 | Motilal Oswal Mutual Fund (multiple schemes) | 8.0% |
| 3 | SmallCap World Fund | 7.5% |
| 4 | American Funds | 7.0% |
| 5 | Aberdeen Standard SICAV I – Indian Equity | 6.5% |
| 6 | Government Pension Fund Global (Norway) | 6.0% |
| 7 | Nomura Trust & Banking Co | 6.0% |
| 8 | TOCU Europe III S.A R.L. | 6.0% |
| 9 | Goldman Sachs | 5.5% |
| 10 | Bandhan Mutual Fund | 5.0% |
Salient Points: Aegis Vopak Terminals IPO
- The company holds 11.5% of India’s total LPG tank storage capacity and controls 26.64% of third-party liquid storage capacity, making it a dominant player in the sector.
- Use of IPO Proceeds
- Debt Repayment/Prepayment: ~₹2,015.95 crore
- Capital Expenditure (Cryogenic LPG terminal acquisition): ~₹671.3 crore
- General Corporate Purposes: Balance
- Track Record of Consistently Expanding Capabilities and Well-Equipped Storage Infrastructure.
- The company is acquiring and developing a state-of-the-art cryogenic LPG terminal at Mangalore, with a total capital expenditure of ₹968 crore. This project is expected to commence operations by June 2025.
- Aegis Vopak is increasing its LPG storage capacity from 70,800 tonnes to 200,800 tonnes by FY26, significantly boosting its share of India’s total LPG static storage capacity3.
- Backed by established and strong promoters and capable Management Team
- 9MFY25 revenue rose 24% YoY to Rs. 464 cr, In same period EBITDA up 38% YoY to Rs. 354 cr,. This translates to 74% EBITDA margin.
- Peers: its listed peers such as Adani Ports trades at P/E of 29x, JSW Infrastructure trades at P/E of 45xand Aegis Logistics, one of the promoter company trades at TTM P/E of 52.8. TTM P/E is 181 for Aegis Vopak Terminals IPO which even after good improvement after interest reduction and expansion post the IPO will remain high.
- I intend to skip Aegis Vopak Terminals IPO as of now. As the new capacities commercialize during FY26, the company has potential to report excellent numbers. This will be further aided by debt reduction. Company has already undertaken substantial capex. However I feel the valuations being demanded are on higher side even as long term prospects are excellent.
- GMP as per social media is in single digits.
- This post is exploratory and educational purposes only.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.