The IPO street is once again buzzing with activity, after a brief lull. In the coming week, two prominent mainboard offerings – Leela Hotels and Aegis Vopak Terminals are set to open for subscription on May 26.
Looking at the company portfolio, one caters to the premium hospitality segment, the other plays a key role in energy storage infrastructure.
Let’s take a look at the head-to-head comparison of the two upcoming IPOs and learn about their issue size, price band, GMP, and other key details-
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Issue size and structure
Leela Hotels is coming up with a larger issue size of Rs 3,500 crore, which includes a fresh issue of Rs 2,500 crore and an offer-for-sale worth Rs 1,000 crore. In contrast, Aegis Vopak Terminals plans a Rs 2,800 crore issue, entirely made up of a fresh issue component.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Price band and lot size
Leela Hotels has set its price band between the range of Rs 413 to Rs 435, while Aegis Vopak Terminals is offering its shares in the range of Rs 223 to Rs 235.
For retail investors, the minimum investment required is nearly the same, that is, Rs 14,042 for Leela and Rs 14,049 for Aegis Vopak, assuming bids at the lower band.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Subscription dates and listing
Both IPOs open for subscription on May 26 and will close on May 28. Allotments are expected on May 29, and tentative listing is scheduled for June 2, on both BSE and NSE.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: GMP trend
Ahead of their official opening, Leela Hotels’ IPO is currently commanding a premium of Rs 12 in the grey market, signalling an expected listing price of around Rs 447. This translates to a potential upside of 2.76% over its upper price band of Rs 435.
In contrast, Aegis Vopak Terminals IPO is witnessing no premium in the grey market, suggesting a flat listing at its upper price band of Rs 235.
However, it is worth noting that grey market premiums are unofficial and purely speculative. Actual listing prices can vary significantly based on investor sentiment and market conditions at the time of debut.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Where the funds will go
Leela Hotels plans to utilise the proceeds mainly to repay borrowings, both at the company and subsidiary levels (including brands like Schloss Chennai, Udaipur, and Chanakya) and for general corporate purposes.
On the other hand, Aegis Vopak Terminals also aims to repay debts but has earmarked funds for capital expenditure specifically to acquire a cryogenic LPG terminal in Mangalore, along with general corporate use.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Promoters behind the scenes
Leela Hotels is backed by a set of foreign investment entities, including Project Ballet Holdings and BSREP III entities, based out of DIFC.
On the other hand, Aegis Vopak Terminals is promoted by a mix of Indian and global firms like Aegis Logistics, Huron Holdings, and Vopak India B.V., with backing from the Dutch multinational Koninklijke Vopak N.V.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Lead managers and registrars
Leela Hotels has roped in heavyweight investment banks like JM Financial, Morgan Stanley, BofA Securities, Kotak, Axis Capital, Citi, and SBI Caps, among others, with KFin Technologies as the registrar.
Aegis Vopak Terminals is being handled by ICICI Securities, BNP Paribas, Jefferies, HDFC Bank, and IIFL Securities, with Link Intime India managing the registrar duties.
Leela Hotels IPO Vs Aegis Vopak Terminals IPO: Business model snapshot
Leela Hotels, operating under the “Leela” brand, is among India’s top luxury hospitality names. It owns and manages 12 properties with over 3,382 keys and offers high-end hotel experiences across Indian cities.
Aegis Vopak Terminals, meanwhile, is focused on storage infrastructure for LPG and other liquid commodities like chemicals, lubricants, and vegetable oils. It plays a vital role in India’s energy logistics supply chain.