Aegis Vopak IPO subscribed 26% on Day 1, QIB, retail investors lead; check latest GMP

Aegis Vopak IPO opened for subscription on Monday.

Aegis Vopak IPO got subscribed 26 percent on the first day of bidding on Monday. The Rs 2,800-crore initial share sale received bids for 1.77 crore shares against 6.90 crore shares on offer.

The category for Qualified Institutional Buyers (QIBs) received 39 percent subscription while the quota for non-institutional investors got subscribed 3 percent. The portion for Retail Individual Investors (RIIs) fetched 19 percent subscription.

Earlier, Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, raised Rs 1,260 crore from anchor investors.

The issue, with a price band of Rs 223 to Rs 235 per share, opened for public subscription on May 26 and will conclude on May 28. The company is valued at around Rs 26,000 crore at the upper end of the price band.

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The IPO is entirely a fresh issue of equity shares worth Rs 2,800 crore with no offer-for-sale (OFS) component, according to the red herring prospectus (RHP). Previously, the IPO was planned to raise Rs 3,500 crore.

Proceeds worth Rs 2,016 crore will be used for payment of debt, Rs 671.30 crore to fund capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore and the remaining amount will be allocated for general corporate purposes.

According to websites tracking the grey market premium activities, the shares of Aegis Vopak Terminals are commanding a GMP of around 4 percent in the unofficial market.

Shares of the company will be listed on both NSE and BSE on 2nd June.

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