Aegis Vopak Terminals IPO Analysis: Know Price, Financial Performance, and Risks

Aegis Vopak Terminals IPO will open on May 26, 2025, and close on May 28, 2025. Established in 2013, it is a joint venture of India’s Aegis Logistics Limited and the Netherlands’ Royal Vopak. It builds and operates storage tank terminals for LPG and liquid products. Today, it has 2 LPG storage terminals and 18 liquid storage terminals.

In this blog, we’ll get to know about the Aegis Vopak Terminals IPO details, price band, minimum investment, performance, and peer analysis.

Aegis Vopak Terminals IPO Date

The key pointers for the Aegis Vopak Terminals IPO dates are:

• Bidding Opening Date: May 26, 2025
• Bidding Closing Date: May 28, 2025
• Basis of Allotment Date: May 29, 2025
• Initiation of Refunds (in case of less or no allotment): May 30, 2025
• Shares Credited to Your Demat Account: May 30, 2025
• IPO Listing Date: June 2, 2025
• Listing on Exchange: BSE and NSE

Aegis Vopak Terminals IPO Issue Size

Aegis Vopak Terminals IPO valuation, as denoted by the market capitalization, can be in the range of ₹24,851 crores – ₹26,038 crores.

Here are the important Aegis Vopak Terminals IPO details:

• Aegis Vopak Terminals IPO Price Band: ₹223 – ₹235 per share
• Face Value: ₹10 per share
• Lot Size: 63 Shares
• Issue Size and Amount: 11.91 crore shares (amounting to ₹2,800 crores)
• Fresh Issue Size and Amount: 11.91 crore shares (amounting to ₹2,800 crores)

Aegis Vopak Terminals IPO Proceeds Usage

Aegis Vopak Terminals Limited IPO proceeds will be used for the following purposes:

• Loan Repayment: ₹2,015 crores will be used for repayment or pre-payment of outstanding loans.
• Capital Expenditure: ₹671 crores will be used to fund the capital expenditure to acquire a cryogenic LPG terminal at Mangalore.
• Others: For other corporate requirements.

Aegis Vopak Terminals IPO Reservations

Aegis Vopak Terminals IPO reservations to different investors are:

• For QIBs: 75% of the offer (Approx ₹2,100 crores)
• For NIIs: 15% of the offer (Approx ₹420 crores)
• For Retail Investors: 10% of the offer (Approx ₹280 crores)
• Aegis Vopak Terminals IPO Shareholder Quota: There is no provision for shareholder quota in this IPO.

Aegis Vopak Terminals IPO Lot Size

Aegis Vopak Terminals IPO lot size is 63 shares, wherein bidding can be done in further multiples. The minimum and maximum of the lot size that each category of investor can apply for in this IPO are:

Applicant Type	Min Shares	Min Investment Amount
Retail	63	₹14,805
NII (Bid Between ₹2 Lakhs – ₹10 Lakhs)	882	₹2,07,270
NII (Bid Above ₹10 Lakhs)	4,284	₹10,06,740

Aegis Vopak Terminals IPO Details: Promoter Holding

Aegis Logistics Limited, Huron Holdings Limited, and Vopak India B.V. are some of the promoters of Aegis Vopak Terminals Limited.

Aegis Vopak Terminals IPO: Company Overview

Aegis Vopak Terminals Limited has two key business segments, Gas Terminal Division and Liquid Terminal Division. It operates 20 tank terminals across 6 ports, having a liquid storage capacity of 1.7 million cbm and static gas capacity of 70,800 MT. In this portfolio, the company is working on adding 2 tank terminals, which will increase the static capacity of gas by 1,30,000 MT.

As of December 31, 2024, Aegis Vopak Terminals is the largest third-party owner and operator of LPG tank storage terminals based on storage capacity. With a market share of 11.52%, it has the largest storage capacity in India’s LPG tank storage sector. For liquid storage products, it is the largest third-party tank storage company, having a 25.53% share in India. It has a diversified customer base, which includes national oil marketing companies, Nayara Energy, Aarti Industries, and Petrochem.

By FY29, the demand for LPG from the household and industrial segments is estimated to increase to 36-37 MMTPA at a CAGR of 3%-4%. This will directly increase the demand for storage solutions, which poses a great opportunity for the company.

Aegis Vopak Terminals Limited IPO: Financial Performance

Aegis Vopak Terminals Limited’s key financials for different periods are as follows:

Particulars (in ₹ Cr)	31 Dec 2024	31 Mar 2024	31 Mar 2023	% Change (FY24 – FY23)
Revenue	476.15	570.12	355.99	60%
Profit After Tax	85.89	86.54	-0.08	108275%
Operating EBITDA	341.39	397.54	229.30	73%
Total Borrowing	2,485.75	2,586.42	1,745.17	48%
Assets	5,855.60	4,523.40	3,481.48	30%
Capital Expenditure	758.55	475.06	3,235.01	-85%
Operating Cash Flow	330.59	337.21	172.49	95%

• In FY24, Aegis Vopak Terminals Limited’s revenue increased by 60% YoY to ₹570.12 crores, and it also made a profit of ₹86.54 crores.
• The operating EBITDA increased by 73% to ₹397.54 crores, known for their operating efficiency.
• The capital expenditure fell by 85% YoY to ₹475.06 crores in the financial year 2023-24.
• In FY24, the operating cash flow increased to ₹337.21 crores by 95% on a year-on-year basis.

Aegis Vopak Terminals Limited IPO: Operational Performance

Particulars	31 Dec 2024	31 Mar 2024	31 Mar 2023	% Change (FY24 – FY23)
Static Capacity for Liquid Terminal Division (CBM)	14,97,483	14,97,483	13,43,012	12%
Static Capacity for Gas Terminal Division (MT)	70,800	70,800	67,100	-6%
Throughput for Gas Terminal Division (MT)	12,70,339	15,88,727	8,58,412	85%

• The capacity of the liquid terminal division increased by 12% YoY to 14,97,483 Cubic meters in FY24, while the capacity of the gas terminal dropped by 6% YoY to 70,800 million tonnes.
• The gas terminal throughput rose hugely by 85% YoY to 15,88,727 MT in FY24.

Aegis Vopak Terminals Limited IPO: Peer Analysis

Here are the key ratios of Aegis Vopak Terminals Limited in comparison to its peers:

Company (FY24)	EPS Basic (₹)	Operating EBITDA Margin (%)	Debt-Equity Ratio	ROE (%)	ROCE (%)
Aegis Vopak Terminals Limited	₹1	70.77%	2.59	8.68%	8.39%
Adani Ports and Special Economic Zone Limited	₹37.55	59.39%	0.85	14.86%	14.29%
JSW Infrastructure Limited	₹6.01	52.21%	0.53	14.10%	21.09%

• Aegis Vopak Terminals Limited’s EPS is only ₹1, which means it is making less money on each share as compared to competitors.
• Aegis Vopak Terminals has the highest operating EBITDA margin of 70.77%.
• The debt-equity ratio is the highest amongst the peers, which means it is relying more on debt.
• Both ROE and ROCE are around 8%, which is quite lower than the peers.

Aegis Vopak Terminals IPO Risk Factors

Aegis Vopak Terminals Limited is exposed to various risk factors that can eventually affect its business and investors’ perception:

1. The operations of terminals can be affected due to the breakdown of equipment, labour disputes, and other hazards.
2. Over 40% of the revenue is derived from the top 10 customers, and the loss of any contracts can impact the financial performance.
3. It operates as a joint venture, and any clashes among the promoters can impact the business and operations.
4. More than 90% of the terminals are located on India’s West Coast, and any regional disruptions can hamper the operations.
5. Its operations are subject to environmental, safety, and employment laws, and any failure to follow these regulations can affect the business operations.

Aegis Vopak Terminals IPO Details: Contact Details

Here are details of the registered address and registrar name of Aegis Vopak Terminals Limited:

• Registered Office Address: 502, Skylon, G.I.D.C, Char Rasta, Vapi, Valsad – 396 195, Gujarat, India
• Email: secretarial@aegisindia.com
• Company Website: http://www.aegisvopak.com/
• Registrar Name: MUFG Intime India Private Limited
• Book Running Lead Manager: ICICI Securities, IIFL Capital, BNP Paribas, Jefferies India, HDFC Bank

For all the insights on Aegis Vopak Terminals IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC Telegram channels. Take smart decisions and choose the best broker to apply Aegis Vopak Terminals IPO by opening Demat Account with SMC today.

Frequently Asked Questions – FAQs

1. Who is the owner of Aegis Vopak?

The owners of Aegis Vopak Terminals Limited are Aegis Logistics Limited and Vopak India B.V., having a shareholding of 50.10% and 47.31%, respectively.

2. What is the turnover of Aegis Vopak?

The revenue from operations (turnover) of Aegis Vopak Limited is ₹464.18 crores in the nine months of FY25, up 23.64% on a year-on-year basis.

3. What is the price of Aegis Vopak Terminals IPO?

The price band of Aegis Vopak Terminals IPO is ₹223 to ₹235 per share, with a minimum investment of ₹14,805.

References:
https://static1.squarespace.com/static/66b48ecd29b81b3071c65bfa/t/682d485903d15374081a0813/1747798107507/Red+Herring+Prospectus.pdf
https://www.investorgain.com/gmp/aegis-vopak-terminals-ipo-gmp/1257/

Author: All Content is verified by SMC Global Securities.