Aegis Vopak Terminals IPO Price: ₹223 to ₹235 per share
IPO Dates: 26th May 2025 – 28th May 2025
Company Overview
Incorporated in 2013, Aegis Vopak Terminals Limited is India’s largest third-party owner and operator of tank storage terminals for liquefied petroleum gas (LPG) and various liquid products. As of December 31, 2024, the company operates with an aggregate storage capacity of approximately 1.68 million cubic meters for liquids and 70,800 metric tons of static LPG capacity.
Aegis Vopak Terminals offers safe, secure infrastructure for storing and handling products such as petroleum, chemicals, vegetable oils, lubricants, and gases like propane and butane.
Business Divisions
Aegis Vopak Terminals Limited operates through two core segments:
1. Gas Terminal Division
- Focuses on LPG storage and handling, including propane and butane.
- Operates two LPG terminals at key Indian ports.
- LPG throughput has shown strong growth, increasing from 0.86 MMTPA in FY 2023 to 1.59 MMTPA in FY 2024, and reaching 1.27 MMTPA in the nine months ending December 2024.
2. Liquid Terminal Division
- Operates 18 liquid terminals across strategic port locations.
- Handles storage of petroleum products, chemicals, and vegetable oils.
- Manages over 30 types of chemicals and more than 10 types of edible and non-edible oils.
Terminal Network and Capacity
Aegis Vopak Terminals Limited operates a strategically located network of terminals across six major Indian ports—Haldia (West Bengal), Kochi (Kerala), Mangalore (Karnataka), Pipavav (Gujarat), Kandla (Gujarat), and JNPA in Navi Mumbai (Maharashtra). These ports play a crucial role in India’s import and coastal shipping ecosystem.
Collectively, they account for approximately 23% of the country’s liquid imports and 61% of total LPG imports. Notably, the Kandla and Pipavav terminals alone contributed 20.10% to India’s LPG imports in FY 2024. The Pipavav terminal stands out for its connectivity to the Western Dedicated Freight Corridor, enabling efficient transportation to northern and central India.
Expansion Plans
Aegis Vopak Terminals Limited is focused on expanding its storage capacity to meet growing demand. By Fiscal 2026, the company aims to increase its LPG storage capacity by 130,000 metric tons, raising the total to 200,800 metric tons.
Additionally, Aegis Vopak Terminals Limited recently completed an expansion at its JNPA terminal in Navi Mumbai, adding approximately 101,900 cubic meters to its liquid product storage capacity.
Customer Base and Partnerships
Aegis Vopak Terminals Limited has cultivated a diverse and widespread customer base, serving traders, manufacturers, and both public and private sector companies involved in chemicals and fuel marketing. The company also caters to domestic and international clients. As of December 31, 2024, nearly half (47.14%) of its customers used multiple terminals, enabling them to efficiently access various regional markets.
Aegis Vopak Terminals Limited also benefits from its relationship with promoter Aegis, which utilizes the company’s terminals for bulk LPG imports, contributing to a stable revenue stream.
Competitive Strengths
- Market Leadership: Largest third-party tank storage provider for LPG and liquid products in India.
- Strategic Locations: Terminals positioned across key ports on both coasts.
- Robust Infrastructure: Equipped with firefighting systems, pipelines, and multi-modal evacuation (ship, rail, road, pipeline).
- Proven Expansion Track Record: Consistently increasing capacity and throughput.
- Diverse Client Relationships: Reduces dependency and improves resilience.
- Sustainability and Safety Focus: Strong commitment to health, safety, and environmental standards.
- Financial Strength: Solid margins and return metrics backed by experienced promoters and management.
Bidding Starts In
Aegis Vopak Terminals IPO Specifics:
| IPO Date | May 26, 2025 to May 28, 2025 |
| Listing Date | Monday, June 2 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹223 to ₹235 per share |
| Lot Size | 63 Shares |
| Total Issue Size | 11,91,48,936 shares (aggregating up to ₹2,800.00 Cr) |
| Fresh Issue | 11,91,48,936 shares (aggregating up to ₹2,800.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 98,88,42,553 shares |
| Share Holding Post Issue | 1,10,79,91,489 shares |
Aegis Vopak Terminals IPO Timetable (Important Dates)
| IPO Open Date | Monday, May 26, 2025 |
| IPO Close Date | Wednesday, May 28, 2025 |
| Basis of Allotment | Thursday, May 29 2025 |
| Initiation of Refunds | Friday, May 30 2025 |
| Credit of Shares to Demat | Friday, May 30 2025 |
| Listing Date | Monday, June 2 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 28, 2025 |
Aegis Vopak Terminals IPO Lot Size
Bidders have the opportunity to bid for a minimum of 63 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,805 |
| Retail (Max) | 13 | 819 | ₹1,92,465 |
| S-HNI (Min) | 14 | 882 | ₹2,07,270 |
| S-HNI (Max) | 67 | 4,221 | ₹9,91,935 |
| B-HNI (Min) | 68 | 4,284 | ₹10,06,740 |
Aegis Vopak Terminals IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Aegis Vopak Terminals Limited IPO Financial Information
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|---|
| Assets | 102.56 | 3481.48 | 4523.40 | 5855.60 |
| Revenue | 0.00 | 355.99 | 570.12 | 476.15 |
| Profit After Tax | -1.09 | -0.08 | 86.54 | 85.89 |
| Net Worth | -0.53 | 1098.20 | 1151.94 | 2037.61 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | 98.10 | 1745.17 | 2586.42 | 2485.75 |
Key Performance Indicator – Aegis Vopak Terminals IPO
| KPI | Values |
|---|---|
| Market Cap | ₹ 26,737.80 Cr |
| EPS | ₹0.88 |
| P/E (x) | 268.51 |
| ROE | 8.68% |
| ROCE | 8.39% |
| Debt/ Equity | 2.59 |
| RoNW | 7.51% |
Objects of the Issue:
The company intends to utilize the Net Proceeds from the Issue for the following purposes:
- Repaying or prepaying, in full or in part, certain outstanding borrowings of the company.
- Financing capital expenditure related to the planned acquisition of the cryogenic LPG terminal in Mangalore.
- Meeting general corporate requirements.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
