By IndiaHub 
Qualified institutional buyers (QIBs) drove the bulk of the demand, subscribing to 2.49 times their allocated quota. Retail investors subscribed 69% of their portion, while non-institutional investors (NIIs) bid for 41%. The Rs 2,800 crore offering closes today, with the listing scheduled for June 2 on the BSE and NSE.
GMP narrows sharply
In the grey market, Aegis Vopak Terminals’ shares were quoting at a modest premium of Rs 1, down significantly from the earlier range of Rs 8–9. With the IPO’s upper price band set at Rs 235 per share, the expected listing price is around Rs 236—implying a marginal gain of just 0.43%, according to market sources tracking grey market activity.
IPO details and structure
The Rs 2,800 crore issue is a pure fresh offer comprising 11.91 crore equity shares. There is no offer-for-sale (OFS) component. The price band has been fixed between Rs 223 and Rs 235 per share.
Retail investors can bid for a minimum of one lot containing 63 shares, requiring an investment of Rs 14,805 at the upper end. For small HNIs, the minimum application size is 14 lots, or Rs 2.07 lakh.
Proceeds from the IPO will be utilised to prepay or repay certain borrowings, fund the acquisition of a cryogenic LPG terminal at Mangalore, and meet general corporate requirements.
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Should you subscribe? Here’s what analysts say
According to Bajaj Broking, the IPO pricing reflects optimism around India’s growing energy infrastructure demand, though investors should temper expectations in the near term.
“While the company’s strategic importance in India’s LPG and liquid bulk infrastructure space justifies a premium to some extent, the pricing seems to factor in strong future growth expectations. Investors should view this IPO as a play on long-term infrastructure and energy logistics growth, but must weigh the premium valuation against the company’s limited historical profitability and execution risks in upcoming capex projects,” the brokerage said.
Financial snapshot
Aegis Vopak Terminals reported revenue of Rs 570.12 crore in FY24 with a net profit of Rs 86.54 crore. For the nine months ended December 2024, the company posted a PAT of Rs 85.89 crore—nearly matching its full-year FY24 bottom line, indicating operating momentum.
Lead managers
The IPO is being managed by ICICI Securities, BNP Paribas, IIFL Securities, Jefferies India, and HDFC Bank. Link Intime is the registrar to the issue.
Investors with a long-term view on India’s energy logistics infrastructure may find value in this IPO, though the soft GMP and moderate subscription levels suggest a cautious debut on the bourses.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)