Aegis Vopak Terminals, India’s largest third-party LPG and liquid products tank storage operator, is launching its ₹2,800 crore IPO on 26 May 2025. Backed by strong financial recovery and strategic expansion plans, this IPO aims to reduce debt and drive long-term growth in India’s booming energy logistics market.
Table of Contents:
- Aegis Vopak Terminals IPO Details
- Aegis Vopak Terminals IPO Objectives
- Aegis Vopak Terminals Business Model & Sector Positioning
- Aegis Vopak Terminals Financial Performance
- Aegis Vopak Terminals Valuation & Key Metrics
- Aegis Vopak Terminals Investment Rationale
- Aegis Vopak Terminals IPO Risks
- Aegis Vopak Terminals Peer Comparison
- Aegis Vopak Terminals IPO GMP & Listing Expectations
- Aegis Vopak Terminals IPO Outlook
- Aegis Vopak Terminals IPO FAQs
Aegis Vopak Terminals is coming to the market with a fresh issue, targeting a balance sheet boost and operational expansion.
Key Details:
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- Lot size: 63 shares (₹14,805 minimum investment)
- Post-IPO promoter holding: Will drop from 97.41% to 86.93%
Quota Allocation:
- Retail investors: 10%
- Qualified Institutional Buyers (QIBs): 75%
- Non-Institutional Investors (HNIs): 15%
The issue is designed to attract strong institutional participation, with limited retail exposure.
The company has laid out a clear utilisation plan for the IPO proceeds, focusing on deleveraging and operational growth.
Fund Deployment Plan:
- ₹2,015.95 crore towards debt
- ₹671.30 crore to acquire a cryogenic LPG terminal in
- Remaining funds for general corporate expenses
This funding mix aims to improve financial strength while scaling up strategic assets.
Aegis Vopak Terminals operates India’s largest independent LPG and liquid storage network, catering to oil majors and industrial players via six strategic ports.
Operational Highlights:
- 11.5% share in India’s LPG storage capacity
- 25.53% share in third-party liquid storage
- Handles 23% of India’s liquid imports and 61% of LPG imports
- Port-centric, asset-heavy model ensures operational stickiness and high entry barriers
The company’s niche focus provides defensiveness and long-term customer stickiness.
If the business model sounds promising, you can dive deeper into the Aegis Vopak Terminals IPO specifics—issue structure, key dates, and DRHP summary.
The company has shown a remarkable turnaround in FY24, marked by revenue and profit growth alongside healthy margin expansion.
Financial Highlights:
- Revenue surged from ₹353.33 crore in FY23 to ₹561.76 crore in FY24 (up 58.7%)
- Net profit jumped from ₹0.08 crore in FY23 to ₹86.54 crore in FY24
- Net profit margin rose to 15.41% in FY24
- EBITDA margin improved from 65.16% in FY23 to 71.19% in FY24
- 9M FY25 revenue stood at ₹464.18 crore with a net profit of ₹85.89 crore (18.5% annualised net margin)
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Financial improvements are driven by better asset utilisation and a favourable revenue mix.
The IPO comes at a premium valuation, justified by the company’s niche positioning and high-margin, asset-heavy model.
Key Valuation Metrics:
| Metric |
Value |
| FY24 EPS |
₹0.88 |
| IPO P/E (FY24 earnings) |
268.5x |
| ROE (Return on Equity) |
8.66% |
| ROCE (Return on Capital Employed) |
8.39% |
| Pre-IPO Debt-to-Equity |
2.59x |
Valuation comfort arises from long-term earnings visibility in a niche, defensive sector.
The IPO offers a rare infrastructure-backed growth opportunity in India’s growing energy logistics space.
Why Consider This IPO:
- Largest third-party LPG & liquid storage operator in India
- Assets strategically located at key ports
- Robust EBITDA margins consistently over 70%
- Expansion via a new cryogenic terminal
- Demand tailwinds from India’s rising energy imports
Aegis Vopak Terminals stands out as a high-entry barrier, defensive infra play.
Despite its strengths, the IPO carries certain risks investors should keep in mind.
Risk Factors:
- High pre-IPO leverage at 2.59x debt-to-equity
- Expensive valuations may limit short-term listing gains
- Business exposed to commodity price cycles and regulatory changes
Best suited for long-term investors with an appetite for infrastructure-focused bets.
With limited direct peers, Aegis Vopak Terminals operates in a unique niche in India’s port infra and storage market.
Relative Positioning:
- P/E multiple of 268.5x vs Adani Ports (37.5x) and JSW Infrastructure (49x)
- FY24 RONW: 7.51%, lower than listed infrastructure peers
- Exclusive focus on LPG and liquid bulk storage provides pricing and margin advantage
The premium reflects operational exclusivity and high growth visibility.
Currently, there’s no active grey market premium (GMP) for Aegis Vopak Terminals. Market sentiment depends on institutional demand and subscription trends.
Listing Day Outlook:
- Will be driven by QIB subscription strength
- Sector-specific appetite for logistics infra
- Positive from expected debt reduction post-IPO
Listing gains hinge on institutional oversubscription and sector sentiment.
Interested in learning how mutual funds and digital investment platforms are shaping the market? Watch this video and gain valuable insights from top industry experts.
Aegis Vopak Terminals offers a solid infra-backed story for investors eyeing defensive, long-term bets in India’s energy logistics sector. Despite short-term valuation concerns, its leading market position, strategic assets, and rising profitability make it a reliable, asset-heavy infra bet.
Suitable for long-term investors seeking exposure to India’s growing energy infrastructure backbone.
Want to better understand how IPOs function before investing in Aegis Vopak Terminals? Our beginner-friendly explainer simplifies every aspect of the IPO process. Check out our complete guide: All About IPO
1. When does the Aegis Vopak Terminals IPO open and close?
The Aegis Vopak Terminals IPO opens on 26 May 2025 and closes on 28 May 2025.
2. What is the price band for the Aegis Vopak Terminals IPO?
The IPO price band for Aegis Vopak Terminals is ₹223 to ₹235 per share.
3. What is the total issue size of the Aegis Vopak Terminals IPO?
The total issue size of the Aegis Vopak Terminals IPO is ₹2,800 crore.
4. What is the minimum investment for the Aegis Vopak Terminals IPO?
The lot size for the Aegis Vopak Terminals IPO is 63 shares, making the minimum investment ₹14,805 (at the upper price band).
5. When is Aegis Vopak Terminals expected to list on the stock exchanges?
Aegis Vopak Terminals is expected to list on 2 June 2025, on both the NSE and BSE.
6. What are the main objectives of the Aegis Vopak Terminals IPO?
The primary objectives of the Aegis Vopak Terminals IPO are to deploy ₹2,015.95 crore towards debt reduction and ₹671.30 crore to acquire a cryogenic LPG terminal in Vizag, with the remaining funds for general corporate expenses.
7. What is Aegis Vopak Terminals' market share in India?
Aegis Vopak Terminals holds an 11.5% share in India’s LPG storage capacity and a 25.53% share in third-party liquid storage. It handles a significant portion of India's liquid and LPG imports.
8. What are the risks associated with investing in the Aegis Vopak Terminals IPO?
Potential risks include high pre-IPO leverage (2.59x debt-to-equity), which will significantly reduce post-IPO, expensive valuations that may limit short-term listing gains, and exposure to commodity price cycles and regulatory changes.
9. Is the Aegis Vopak Terminals IPO suitable for short-term gains or long-term investment?
The Aegis Vopak Terminals IPO is best suited for long-term investors seeking exposure to India's growing energy infrastructure backbone and a defensive, asset-heavy play in the energy logistics sector. Short-term listing gains may be limited due to the premium valuation.