Aegis Vopak Terminals Ltd., a subsidiary of Aegis Logistics Ltd., is set to open its initial public offering on May 26.

The company has announced a price band of Rs 223 to Rs 235 per share for its Rs 2,800-crore initial public offering.

The IPO is entirely a fresh issue of equity shares with no offer-for-sale component, according to the red herring prospectus. Previously, the IPO was planned to raise Rs 3,500 crore.

The company received approval from the Securities and Exchange Board of India to raise funds through an IPO on April 15.

Investors can bid for a minimum of 63 equity shares and in multiples of 63 thereafter. ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India and HDFC Bank are the book running lead managers to the issue.

Aegis Vopak IPO Details

  • Issue opens: May 26.

  • Issue closes: May 28.

  • Issue price: Rs 223–235.

  • Fresh issue: Rs 2,800 crore.

  • Total issue size: Rs 2,800 crore.

  • Lot size: Minimum 63 shares, and then in multiples thereof.

Business

Aegis Vopak Terminals is India’s largest third-party owner and operator of tank storage terminals for liquified petroleum gas and liquid products, based on storage capacity as of Dec. 31, 2024. The company operates a vast network of terminals with an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons of static capacity for LPG.

Aegis Vopak Terminals holds a leading position in the LPG storage sector in India, accounting for around 11.50% of the country’s total static LPG storage capacity. In the liquid products segment, it is the largest third-party tank storage company, contributing approximately 25.53% of India’s total third-party liquid storage capacity.

With a strategically diversified presence across five major ports on both the west and east coasts of India, Aegis Vopak Terminals plays a significant role in India’s import infrastructure. These terminals collectively handle about 23% of the country’s liquid imports and 61% of its total LPG imports.

Aegis Vopak Financial Performance

The company reported a 23.6% rise in revenue at Rs 464.18 crore in the nine months ended fiscal 2025 from Rs 375.41 crore in the nine months ended fiscal 2024. Profit after tax stood at Rs 85.89 crore, as compared to Rs 33.7 crore.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose to Rs 341.38 crore in the same period. The Ebitda margin expanded to 73.54% from 67.06%.

As of March 31, 2025, the company’s debt pile stood at Rs 2,474.2 crore.

Aegis Vopak IPO: Key Risks

  • Aegis Vopak Terminals’ terminal services and other operations are exposed to operational risks, which could negatively impact its business, financial condition, and results of operations.

  • A significant portion of the company’s revenue is dependent on a concentrated customer base. In fiscal 2023 and 2024, and in the nine months ended Dec. 31, 2023 and 2024, revenue from the top 10 customers accounted for 42.07%, 44.56%, 47.20%, and 44.76%, respectively. Any decline in business from these customers or loss of a major client could adversely affect the company’s financial performance and cash flows.

  • The company’s operations are geographically concentrated, with the majority of its terminals located along the west coast of India. Any regional disruptions could materially impact business operations and financial outcomes.

  • Aegis Vopak Terminals is subject to environmental, health, safety, and employment laws and regulations. Non-compliance with these regulations may adversely affect the company’s business and overall financial health.

Aegis Vopak IPO GMP

The grey market premium of the Aegis Vopak Terminals IPO was Rs 14.5 as of 05:55 a.m., according to InvestorGain. This implies shares of the company will likely list at Rs 249.5 apiece, indicating a 6.17% premium to the upper end of the price band.

It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.

Watch The IPO Adda Here

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.

. Read more on IPOs by NDTV Profit.The Aegis Vopak IPO is entirely a fresh issue of equity shares worth Rs 2,800 crore with no offer-for-sale component.  Read MoreIPOs, Markets, Notifications 

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