Aegis Vopak Terminals sets IPO price band of Rs 223-235 a share

IPO

Aegis Vopak Terminals Ltd has announced a price band of Rs 223-235 per equity share for its upcoming Initial Public Offering (IPO), which will open for subscription on May 26 and close on May 28. The anchor investor bidding will commence on May 23.

The basis of allotment is scheduled for May 29, followed by the initiation of refunds and credit of equity shares on May 30. The company’s shares are expected to be listed on stock exchanges on June 2.

The company has revised the IPO issue size to Rs 2,800 crore, down from the earlier proposed Rs 3,500 crore. The entire offering will be a fresh issue. On the upper band price, the total mcap of the firm stands at Rs 26000 crore.

Proceeds from the IPO will be utilized for debt repayment and capital expenditure, particularly towards the contracted acquisition of the cryogenic LPG terminal at Mangalore.

ICICI Securities, BNP Paribas, IIFL Capital, Jefferies India, and HDFC Bank are acting as the lead managers for the issue.

Aegis Vopak Terminals Ltd operates and manages independent storage and handling facilities along with associated infrastructure, such as storage terminals and pipelines connected to vessel jetties. The facilities are used for the storage and handling of chemicals, edible and non-edible oils, petroleum products, liquified petroleum gas (LPG), and other gases.

Currently, the company owns and operates two LPG storage terminals and sixteen liquid storage terminals across key Indian ports. These terminals facilitate both coastal movement and international trade. The facilities are located at Haldia (West Bengal), Kochi (Kerala), Mangalore (Karnataka), Pipavav (Gujarat), and Kandla (Gujarat), with a total liquid storage capacity of approximately 1.50 million cubic meters and 70,800 metric tonnes of static LPG storage capacity.

The Mangalore Terminal, situated in Karnataka, features a total liquid storage capacity of 119,152 cubic meters across 38 tanks, spread over 48,382 square meters. It caters to the Karnataka hinterland and manages a variety of liquid products, including petroleum oils and lubricants (POL), chemicals, petrochemicals, bitumen, carbon black feedstock (CBFS), and coal tar pitch.

For the financial year 2023–24, Aegis Vopak Terminals Ltd reported a revenue of Rs 154.02 crore, compared to Rs 114.37 crore in the previous year. Net profit rose significantly to Rs 25.78 crore from Rs 7.32 crore. As of September 2024, the company’s total outstanding borrowings stood at Rs 2,546.68 crore.