Issue Details 📑
Parameter Details Security Type Equity Symbol AEGISVOPAK Issue Period 26 May 2025 – 28 May 2025 Issue Size – No. of Shares 6,90,58,296 Price Band ₹223.00 – ₹235.00 Price-Band Advertisement Click Here Face Value ₹10.00 Tick Size ₹1.00 Market Lot 63 shares Minimum Bid Quantity 63 shares Maximum Bid Quantity for Qualified Institutional Investors (QII) 69,058,269 shares Maximum Bid Quantity for Non-Institutional Investors (NII) 31,390,128 shares
1. Financial Performance (FY23–FY25 9M)
| Parameter | Details |
|---|---|
| Security Type | Equity |
| Symbol | AEGISVOPAK |
| Issue Period | 26 May 2025 – 28 May 2025 |
| Issue Size – No. of Shares | 6,90,58,296 |
| Price Band | ₹223.00 – ₹235.00 |
| Price-Band Advertisement | Click Here |
| Face Value | ₹10.00 |
| Tick Size | ₹1.00 |
| Market Lot | 63 shares |
| Minimum Bid Quantity | 63 shares |
| Maximum Bid Quantity for Qualified Institutional Investors (QII) | 69,058,269 shares |
| Maximum Bid Quantity for Non-Institutional Investors (NII) | 31,390,128 shares |
| Period (₹ mn) | Revenue | YoY (%) | PAT | PAT Margin | RoE | RoCE | Basic EPS¹ |
|---|---|---|---|---|---|---|---|
| FY23 (Mar 31 ’23) | 3,533.32 | – | (0.75) | –0.02% | –0.01% | 5.26% | – |
| FY24 (Mar 31 ’24) | 5,617.61 | 58.99% | 865.44 | 15.18% | 8.68% | 8.39% | 1.00 |
| 9M FY24 (Dec 31 ’23) | 3,754.19 | – | 337.02 | 8.85% | 4.76% | 7.07% | 0.39 |
| 9M FY25 (Dec 31 ’24) | 4,641.81 | 23.64% | 858.91 | 18.04% | 6.08% | 9.58% | 0.92 |
¹ EPS for 9M periods are not annualized
2. Prospectus Highlights & Use of Proceeds
Issue Size: Fresh issue up to ₹28,000 million (100% book-built)
Offer Mix: 75% QIB (incl. anchors), 15% NII, 10% Retail
Use of Proceeds (₹ mn)
Repayment/prepayment of borrowings: 20,159.53
Capex for Mangalore LPG terminal: 6,713.00
General corporate purposes: ≤ 25% of gross proceeds (to be finalized)
3. Market Trends & Industry Analysis
Sector Growth: LPG & liquid-chemical storage growing ~15–20% CAGR on rising petrochemical output and LPG demand.
Competitive Edge: Average throughput turns ~85× vs. peers; backed by Aegis Logistics & Vopak’s global expertise .
4. Valuation vs. Peers (FY24)
| Company | P/E (x) | RoE (%) | Debt/Equity (x) |
|---|---|---|---|
| Aegis Vopak (basic) | [●] | 8.68% | 2.59 |
| JSW Infrastructure Ltd. | 49.02 | 18.33% | 1.06 |
| Adani Ports & SEZ Ltd. | 37.48 | 16.31% | 0.85 |
Peer data as of Mar 31 ’24
5. Book-Runners & Anchor Dates
Lead Managers: ICICI Securities, BNP Paribas, IIFL, Jefferies, HDFC Bank
Registrar: MUFG Intime India Pvt Ltd.
Anchor Bidding: May 23 2025
Public Bids: May 26–28 2025
6. Lock-Up Periods & Key Risks
Promoter Lock-up: 90 days post-listing
Pre-IPO Shareholders: 180 days
Risks ⚠️
Ramp-up delays at new terminals
Commodity-price swings affecting margins
Regulatory approvals for expansions
7. KPI & Ratio Snapshot (FY24 vs. FY23)
| KPI | FY24 | FY23 |
|---|---|---|
| Operating EBITDA Margin | 70.77% | 64.90% |
| EBITDA Margin | 71.19% | 65.16% |
| Net Debt/EBITDA (x) | 6.24 | 7.51 |
| RoNW (Weighted)² | 3.75% | (0.01%) |
² RoNW weighted average for FY22–FY24
Sector Overview 🌐
Market Size & Growth: India’s LPG and liquid chemicals storage market is expanding at a ~15–20% CAGR, driven by rising petrochemical output, import/export flows and growing domestic LPG consumption.
Key Drivers:
Energy Transition: Increasing shift to cleaner fuels (LPG) bolsters terminal throughput.
Refinery & Petrochemical Capex: New refinery capacities and downstream expansions require additional storage.
Import Reliance: India imports ~45% of its crude and chemicals, necessitating robust storage infrastructure.
Regulatory Tailwinds: SEBI-mandated fuel-hub expansions and Port Authority incentives accelerate private-sector investments.
Companies Overview 💼
Aegis Vopak Terminals Ltd.
A 50:50 JV between Aegis Logistics and Royal Vopak (Netherlands), operating five LPG and liquid chemical terminals in India.
Strengths: High throughput turns (~85×), global operator expertise, strategic coastal locations (Jamnagar, Hazira, Mangalore).
Adani Ports & SEZ Ltd.
India’s largest port-based logistics provider with 12+ port terminals handling containers, liquid and dry bulk.
Scale: FY24 revenue ₹267,106 mn; RoNW 15.3%; P/E 37.5×.
JSW Infrastructure Ltd.
Operates multi-modal logistics: ports, terminals (liquid, dry bulk) and coastal shipping.
Scale: FY24 revenue ₹37,629 mn; RoNW 14.4%; P/E 49.0×.
Detailed Peer Comparison 📊
| Metric | Aegis Vopak* | Adani Ports & SEZ | JSW Infrastructure |
|---|---|---|---|
| Revenue (FY24, ₹ mn) | 5,617.61 | 267,105.60 | 37,628.90 |
| P/E (×) | [●]² | 37.48 | 49.02 |
| EV / Operating EBITDA (×) | 26.26 (avg)³ | 21.56 (lowest)³ | 30.97 (highest)³ |
| Basic EPS (₹) | 1.00 | 37.55 | 6.01 |
| RoNW (%) | 7.51% | 15.32% | 14.40% |
| Net Asset Value (₹ per share) | 13.27 | 245.10 | 41.77 |
¹ Peer data sourced as of Mar 31 2024; P/E based on May 16 2025 closing prices
² To be finalized at Issue Price stage.
³ Industry peer EV/EBITDA: lowest (Adani Ports) 21.56×; highest (JSW Infra) 30.97×; average 26.26×
⚠️ Disclaimer
This is for educational purposes only.
