Aegis Vopak Terminals Limited IPO

About the Company

Aegis Vopak Terminals Limited (AVTL) is India’s largest third-party operator of tank storage terminals for liquefied petroleum gas (LPG) and liquid products. As of December 31, 2024, the company manages approximately 1.5 million cubic meters of liquid storage capacity and 70,800 metric tons (MT) of LPG storage. AVTL accounts for 11.5% of India’s total LPG storage capacity and 25.5% of third-party liquid storage capacity.

Incorporated in 2013, AVTL is a joint venture between Aegis Logistics and Vopak India BV, part of the globally renowned Royal Vopak group. This strategic partnership offers a strong blend of domestic market experience and international operational expertise. Business Operations

AVTL operates through two main divisions:

1. Gas Terminal Division:

Focuses on the storage and handling of LPG, including propane and butane. The company currently operates two LPG terminals.

2. Liquid Terminal Division:

Handles the storage of a variety of liquid products, including petroleum, chemicals, lubricants, and vegetable oils. The company manages more than 30 types of chemicals and over 10 types of edible and non-edible oils across 16 liquid storage terminals.

Terminal Locations

AVTL operates terminals at five major Indian ports—Haldia (West Bengal), Kochi (Kerala), Mangalore (Karnataka), Pipavav (Gujarat), and Kandla (Gujarat). These terminals are strategically positioned to support coastal shipping, imports, and exports.

Objects of the Issue

1. Repayment and/or prepayment of borrowings: ₹2,015.95 crore

2. Acquisition of cryogenic LPG terminal at Mangalore: ₹671.30 crore

3. General corporate purposes: ₹112.75 crore

Key Strengths

• Market leadership as the largest third-party tank storage provider in India

• Strategically located terminals that collectively handle 61% of the country’s LPG and 23% of liquid imports

• Strong promoter backing from Aegis Logistics and Royal Vopak, offering a combination of local and global expertise

Key Risks

• Significant revenue dependency on the top 10 customers, indicating a concentration risk

• Operational risks associated with handling hazardous materials and reliance on port-based infrastructure

• Some lease agreements for terminals have expired and are yet to be renewed

Aegis Vopak Terminals IPO Key Details

• IPO Dates: 26 to 28 May 2025

• Price Band: ₹223 to ₹235 per share

• Lot Size: 63 shares

• Total Issue Size: ₹2800 crore

• Retail Quota: 10%

• GMP: Nil (for reference only)
  

Allotment Link

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