Aegis Vopak Terminals Limited IPO

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This company is India’s largest third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and liquid products in terms of storage capacity as of December 31, 2024. Their infrastructure plays a critical role in supporting the country’s energy and industrial supply chains by offering safe, efficient, and strategically located storage solutions.

They operate a diversified network of terminals across five major ports on both the East and West coasts of India, enabling broad geographic reach and reducing dependency on any single location.
Port Coverage Stats :-
i. Handles ~23% of India’s liquid import volumes
ii. Handles ~61% of India’s LPG import volumes

Their terminal locations are selected to maximize proximity to high-demand industrial zones and key maritime trade routes.

Their terminals are equipped with robust, high-quality infrastructure to support end-to-end storage and transportation:
i. Storage Tanks: For petroleum, chemicals, vegetable oils, and lubricants
ii. LPG Infrastructure: Static storage of propane, butane, and LPG blends
iii. Firefighting Systems: Compliant with top safety standards
iv. Pipelines: Self-owned pipelines connecting to port jetties for efficient marine transfer
v. Evacuation Systems: Ship loading/unloading, Road tankers, Railways and Cross-terminal pipeline connectivity.

Diversified Storage Services

They cater to a wide range of products and clients by offering flexible and scalable storage options, including:
i. Petroleum Products (e.g., naphtha, fuel oil)                          ii. Chemicals & Industrial Liquids
iii. Vegetable Oils & Edible Liquids                                             iv. Lubricants
v. LPG Gases (including propane and butane)

This product diversity and client mix enhance their revenue stability and operational resilience.

They are a cornerstone of India’s liquid and LPG logistics ecosystem, offering unmatched scale, safety, and strategic presence. Their strong operational capabilities and dominant market position make them a critical enabler of India’s energy security and industrial efficiency.

Objects of the Aegis Vopak Terminals Limited IPO:

The company proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the Company. ii. Funding capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangalore. iii. General corporate purposes.
DRHP of Aegis Vopak Terminals Limited IPO
RHP of Aegis Vopak Terminals Limited IPO

Aegis Vopak Terminals Limited IPO Details:

Open Date: May 26 2025
Close Date: May 28 2025
Total Shares: 11,91,48,936
Face Value: ₹ 10 Per Equity Share
Issue Size: 2,800.00 Cr.
Lot Size: 63 Shares
Issue Price: ₹ 223 - 235 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jun 02 2025

Promoters And Management:

Raj Kapurchand Chandaria, Chairman and Managing Director of the Company, holds a B.Sc. in Economics from the London School of Economics and an MBA from Boston University. With over 25 years of experience in the oil, gas, and chemical logistics industry, he has been associated with the Promoter, Aegis Logistics Limited, since 1999. Murad Mohammed Husein Moledina, Non-Executive Director (nominee of Aegis Logistics Limited), holds a B.Com from HR College, University of Bombay, and is a Fellow of the Institute of Chartered Accountants of India. With over 22 years of experience in finance, accounts, and taxation, he has been associated with Aegis Logistics Limited since 2002. Kanwaljit Singh Sudarshan Nagpal, Independent Director on the Board, holds a B.Com from HR College, University of Mumbai. With over 25 years of experience in the oil and chemical business, he also serves as the sole proprietor of M.M. Shah and Co.

Financials of Aegis Vopak Terminals Limited IPO:

Particular (In Cr) 9MFY25 Mar-24 Mar-23
Revenue From Operation 464 562 353
EBITDA 341 398 229
EBITDA Margin 73.50% 70.70% 64.90%
PAT 85.8 86.5 -0.75
PAT Margin 18.04% 15.18% -0.02%
ROCE 9.58% 8.39% 5.26%
CFOA 331 337 172

Comparison With Peers:

Name of the Companies Revenue (Cr) EBITDA Margin PAT Margin P/E D/E Mcap (cr)
Aegis Vopak Terminals Limited (9MFY25) 464 73.50% 85.80% 303 1.32 26038
Adani Ports and Special Economic Zone Limited (TTM) 31079 61% 36.3% 26.8 0.82 301426
JSW Infrastructure Limited (TTM) 4476 51% 34% 40.2 0.52 60396

Recommendation on Aegis Vopak Terminals Limited IPO:

Review and Recommendation of Aegis Vopak Terminals IPO by team IZ is 4/10.

Lead Manager of Aegis Vopak Terminals Limited IPO:

  1. BNP Paribas
  2. HDFC Bank Limited
  3. ICICI Securities Limited
  4. IIFL Securities Ltd
  5. Jefferies India Private Limited

Registrar of Aegis Vopak Terminals Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Aegis Vopak Terminals Limited 502, Skylon, G.I.D.C, Char Rasta, Vapi, Valsad, 396195, Gujarat, India Phone: +91 22 4193 6666 Email: secretarial@aegisindia.com Website: http://www.aegisvopak.com/

Discussion on Aegis Vopak Terminals Limited IPO:

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