IPO Details
Issue Date
26 May - 28 May'25
Investment/lot
₹ 14805
Price Range
223 - 235
Lot Size
63
IPO Size
₹ 2800 Cr
Schedule of Aegis Vopak Terminals Ltd IPO
Start date
26/05/2025
End date
28/05/2025
Allotment of bids
Refund Initiation
Listing on exchange
Issue Highlights
Initial public offering of up to [] equity shares of face value of Rs.10 each (equity shares) of Aegis Vopak Terminals Limited (the company or the issuer) for cash at a price of Rs.[] per equity share (including a share premium of Rs.[] per equity share) (issue price) aggregating up to Rs.3500.00 crores (the issue). The issue shall constitute []% of the post-issue paid-up equity share capital of the company. The face value of the equity share is Rs.10 each. the issue price is [*] times the face value of the equity shares. the price band and the minimum bid lot size will be decided by the company, in consultation with the book running lead managers.
About Aegis Vopak Terminals Ltd IPO
The IPO of Aegis Vopak Terminals Ltd consists entirely of a fresh issue that aggregates up to ₹3500 crore. It’s a 100% book-built issue. This IPO has no offer for sale. The IPO opens on TBA and ends on TBA. The shares will be allotted on TBA, they will be credited to the investor’s account on TBA and refunds will be initiated on TBA.
Objectives of Aegis Vopak Terminals Ltd IPO
The company plans to utilise the IPO proceeds for:
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company
- Funding capital expenditure towards contracted acquisition of the cryogenic LPG terminal at Mangalore
- General corporate purposes
Aegis Vopak Terminals Ltd IPO Valuation
Aegis Vopak Terminals Ltd Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not less than 75% of the issue |
Non-institutional Bidders | Not more than 15% of the issue |
Retail individual Bidders | Not more than 10% of the issue |
Industry Outlook
Indian refineries have been undertaking capital expenditure to expand capacities or set up greenfield plants. The refinery capacity is expected to increase to 290-300 MMTPA by fiscal 2029 from approximately 260 MMTPA in fiscal 2024. LPG imports are also expected to contribute to more than 60% of the overall LPG demand in the country during fiscal 2024-29 period, growing with a CAGR of 6-8%.
Company Information
Aegis Vopak Terminals Ltd is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and liquid products in terms of storage capacity, as of June 30, 2024. The company owns and operates a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons (MT) of static capacity for LPG as of June 30, 2024.
Strengths of Aegis Vopak Terminals Ltd
India’s Largest Third-Party Owner and Operator of Tank Storage Terminals for LPG and Liquid Products
The company has the largest storage capacity in India’s LPG tank storage sector, contributing to approximately 11.93% of the total national static capacity, as of June 30, 2024. In terms of storage of liquid products, it’s the largest third-party tank storage company in India, contributing approximately 26.64% of India’s third-party liquid storage capacity as of June 30, 2024.
Strategically Located Necklace of Terminals Across the Indian Coast
The company has a diversified network of terminals spread strategically across five key ports in operation on the West and East coast of India. These key ports together, handle approximately 23% of liquid and 61% of total LPG import volumes in India.
Track Record of Consistently Expanding Capabilities and Well-Equipped Storage Infrastructure
Aegis Vopak Terminals Ltd has a proven track record of capacity expansion and infrastructural upgrades that positions it well to cater to liquid and gas storage requirements. It leverages one of its promoters Aegis’ experience in capacity expansion, network of cost-effective materials procurement, contracting strategy, and proven construction and project execution capabilities to undertake expansion and upgrades of its tank storage capacities and associated infrastructure.
Relationships with Diversified Customer Base
Through its strategic locations, distinct from Aegis and complementing its offerings, the company has been able to procure business from Aegis’ customers, whom it continues to service. As of June 30, 2024, the company has a diversified customer base of over 400 customers including major national OMCs.
Risks of Aegis Vopak Terminals Ltd
-
Aegis Vopak derived 42.07%, 44.56%, 43.94% and 48.85% of its revenue from its top 10 customers in the last in Fiscal 2023 and 2024 and in the three months ended June 30, 2023 and 2024, respectively. Any deterioration of their business, substantial reduction in their dealings with the company or a loss of any of these customers could have an adverse effect on its business, results of operations, financial condition and cash flows.
-
The majority of the company’s terminals are situated across the west coast of India. It generated 91.61%, 92.28%, 91.66% and 93.97% revenues in Fiscal 2023 and 2024 and in the three months ended June 30, 2023 and 2024, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows.
-
The company’s operations substantially depend on the activity and expenditure levels in the oil and gas sector. It generated 36.36%, 37.81%, 37.62% and 42.47% of its revenues from customers in the oil and gas sector. Any adverse developments in the sector could have an impact on its results of operations, financial condition and cash flows.
Aegis Vopak Terminals Ltd Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peer Comparison
| Parameter (For FY 24) | Aegis Vopak Terminals Ltd | Adani Ports and Special Economic Zone Ltd | JSW Infrastructure Ltd |
|---|---|---|---|
Revenue from Operations (in ₹ crore) | 561.761 | 26710.560 | 3762.890 |
P/E | NA | 33.68 | 49.42 |
Return on Net Worth (in %) | 7.51 | 15.32 | 14.40 |
EPS (Basic) in ₹ for FY 24 | 1 | 37.55 | 6.01 |
IPO Registrar and Book Running Lead Managers
Link Intime India Pvt Ltd is the registrar of Aegis Vopak Terminals Ltd IPO. The book running lead managers are:
- ICICI Securities Ltd
- BNP Paribas
- IIFL Capital Services Ltd
- Jefferies India Private Ltd
- HDFC Bank Ltd
Business Model
The company owns and operates a network of storage tank terminals. It offers secure storage facilities and associated infrastructure for liquids such as petroleum, vegetable oil, lubricants and various categories of chemicals and gases such as LPG.
Company Growth Trajectory
The company’s PAT margin jumped from (0.02%) in FY 23 to 15.18% in FY 24. Its EBITDA margin jumped from 65.16% in FY 23 to 71.19% in FY 24.
Market Position
In terms of storage of liquid products, Aegis Vopak is the largest third-party tank storage company in India, contributing to approximately 26.64% of India’s third-party liquid storage capacity as of June 30, 2024. As of June 30, 2024, the company had a diversified network of terminals spread strategically across five key ports in operation on the West and East coast of India.
Aegis Vopak Terminals Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crore) | 570.121 | 355.991 | 0.003 |
Profit Before Tax (in ₹ crore) | 121.018 | 2.597 | 1.092 |
EBITDA (in ₹ crore) | 405.897 | 231.961 | 0.572 |
Basic EPS in ₹ | 1 | NA | 0.03 |
Aegis Vopak Terminals Ltd Cash Flow Statement
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crore) | 121.018 | 2.597 | 1.092 |
Net Cash Generated from Operating Activities (in ₹ crore) | 337.208 | 172.486 | 0.501 |
Net Cash Used in Investing Activities (in ₹ crore) | 857.479 | 1785.613 | 92.299 |
Net Cash (Used in)/ Generated from Financing Activities (in ₹ crore) | 602.939 | 1629.170 | 98.634 |
Cash and Cash Equivalents as at the End of the Period / Year | 105.571 | 22.903 | 6.860 |
How to Check Allotment Status of Aegis Vopak Terminals Ltd IPO?
You can check the allotment status of this IPO through the BSE website and the registrar’s portal. To check status on the BSE website:
- Visit the BSE website
- Click on ‘Investor Services’ and choose ‘Application Status Check’
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down.
- Enter your application number or PAN number
- Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
To know the allotment status on the registrar's portal:
- Visit the website of Link Intime India Private Ltd
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
How to Apply for Aegis Vopak Terminals Ltd IPO?
To apply for this IPO:
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
Aegis Vopak Terminals Ltd IPO FAQs
What is the minimum lot size required for Aegis Vopak Terminals Ltd IPO?
The minimum lot size is 63 shares and the investment required is ₹14805.
What is the price band of the Aegis Vopak Terminals Ltd IPO?
The price band of Aegis Vopak Terminals Ltd IPO is ₹223 to ₹235.
What is the Aegis Vopak Terminals Ltd IPO?
The IPO of Aegis Vopak Terminals Ltd comprises only a fresh issue that aggregates up to ₹3500 crore.
When will the IPO of Aegis Vopak Terminals Ltd be live?
The exact dates of the IPO are yet to be announced.
From where can I learn more about Aegis Vopak Terminals Ltd and its IPO?
You can learn more about Aegis Vopak Terminals Ltd and its IPO from the company’s draft red herring prospectus here: (SEBI | Aegis Vopak Terminals Ltd DRHP)
