Aegis Vopak Terminals IPO: GMP, Issue Size, and 5 Key Things to Know

Aegis Vopak Terminals opened its ₹2,800 crore IPO for subscription today, drawing interest from investors tracking the infrastructure and energy logistics sector. The company operates strategically located storage terminals across major Indian ports, catering to petroleum products, LPG, and industrial chemicals. 

With a solid anchor book, a notable grey market premium (GMP), and a strong operational footprint, the IPO is one of the key offerings this week. Here’s a detailed look at the issue size, share allocation, GMP, company background, financials, and a SWOT analysis to help you evaluate the opportunity.

Aegis Vopak Terminals IPO Details

Offer Price	₹223 to ₹235  per share
Face Value	₹10 per share
Opening Date	26 May 2025
Closing Date	28 May 2025
Total Issue Size (in Shares)	11,91,48,936
Total Issue Size (in ₹)	₹2,800 Cr
Issue Type	Bookbuilding IPO
Lot Size	63 Shares
Listing at	BSE, NSE

Source: Red Herring Prospectus

The basis of allotment is expected to be finalized on Thursday, May 29. Refunds will be initiated on Friday, May 30, and shares will be credited to demat accounts on the same day. The stock is likely to be listed on the NSE and BSE on Monday, June 2.

Here are 5 key things to know about the IPO.

Allocation of Shares

Investors can bid for a minimum of 63 shares and in multiples thereof. The table below summarizes the minimum and maximum investment requirements:

Investor Category	Lots	Shares	Investment Amount
Retail (Min)	1	63	₹14,805
Retail (Max)	13	819	₹1,92,465
S-HNI (Min)	14	882	₹2,07,270
S-HNI (Max)	67	4,221	₹9,91,935
B-HNI (Min)	68	4,284	₹10,06,740

Source: Red Herring Prospectus

The storage infrastructure company raised ₹1,260 crore from 32 anchor investors ahead of its IPO by allotting over 5.36 crore equity shares. The anchor book saw strong interest from global institutional players, including Goldman Sachs, Nomura Trust & Banking Co, Aberdeen Standard SICAV I – Indian Equity Fund, and TOCU Europe III S.A R.L.

Among the total anchor allocation, more than 1.58 crore equity shares—accounting for 29.56% of the anchor portion—were allotted to six domestic mutual funds across 17 schemes. Notably, HDFC Mutual Fund participated through three schemes, while Motilal Oswal Mutual Fund was allotted shares via seven schemes.
Source: Economic Times

2. Grey Market Premium (GMP)

The GMP as of 26 May 2025 stands at ₹17. At the upper price band of ₹235, the estimated listing price could be around ₹252, reflecting a potential 7.2% premium over the issue price.

Objectives of the IPO

The net proceeds from the IPO will be utilized for the following purposes:

• Repayment or prepayment of existing borrowings
• Funding capital expenditures for the planned cryogenic LPG terminal acquisition in Mangalore
• General corporate purposes
  

3. Company Overview

Incorporated in 2013, Aegis Vopak Terminals (AVTL) is a storage infrastructure company that owns and operates terminals for liquefied petroleum gas (LPG) and various liquid products across India. The company provides safe storage and handling services for a wide range of commodities, including petroleum, chemicals, vegetable oils, lubricants, and gases like propane and butane.

As of June 30, 2024, AVTL manages:

• 1.50 million cubic meters of storage capacity for liquid products
• 70,800 metric tons of static storage capacity for LPG

The business is structured into two core divisions:

• Gas Terminal Division: Specialises in the storage and handling of LPG, including propane and butane.
• Liquid Terminal Division: Manages storage for petroleum products, over 30 types of chemicals, and more than 10 types of edible and non-edible oils.

AVTL operates a total of 18 terminals—2 LPG terminals and 16 liquid storage terminals—strategically located across five major ports in India:

• Haldia, West Bengal
• Kochi, Kerala
• Mangalore, Karnataka
• Pipavav, Gujarat
• Kandla, Gujarat

These terminals are involved in coastal shipping, imports, and exports, providing essential infrastructure support to India’s energy and chemical logistics sectors.

4. Financial Strength

Aegis Vopak Terminals has shown significant financial growth over the past few years. The company reported a revenue of ₹476.15 crore for the nine months ending December 2024, compared to ₹570.12 crore for the full year FY24 and ₹355.99 crore in FY23.

On the profitability front, profit after tax (PAT) reached ₹85.89 crore for the period ending December 2024, marginally lower than ₹86.54 crore in FY24, but a substantial improvement from the marginal loss of ₹0.08 crore in FY23 and ₹1.09 crore in FY22. 

Source: Red Herring Prospectus

5. SWOT Analysis

STRENGTHS	WEAKNESSES
Strategic terminal locations across India Strong parentage via Aegis Logistics Ltd Experienced management and operational team Diversified storage portfolio (petroleum, LPG, chemicals, vegetable oils)	Heavily reliant on port infrastructure Vulnerable to regulatory and environmental compliance risks High capex business model requires continuous funding
OPPORTUNITIES	THREATS
Growing LPG demand and chemical storage needs in India Potential M&A expansions (like the cryogenic terminal in Mangalore) Infrastructure upgrades and policy support in the logistics sector	Competition from large players like Adani Ports and JSW Infrastructure Fluctuation in global trade and commodity prices Any delay in expansion projects may impact revenue growth

Conclusion

The Aegis Vopak Terminals IPO is drawing investor attention due to its strong grey market premium, strategic infrastructure assets, and upcoming capital deployment plans. If you’re evaluating whether to invest, closely consider the IPO’s pricing, financial fundamentals, and the company’s position in the infrastructure sector.

Before subscribing, assess your risk appetite and consult with a financial advisor if needed. This IPO could be an interesting addition to a long-term infrastructure-focused portfolio—but like all investments, it comes with its own set of risks and rewards.

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