Aegis Vopak Terminals made a discounted debut on the bourses, listing at 6.4% lower at Rs 220 to its issue price of Rs 235 on the National Stock Exchange. It was listed at Rs 220 on the BSE as well. The mainboard IPO received a moderate response from investors across the board.
Aegis Vopak Terminals raised Rs 2,800 crore from investors by selling 11.91 fresh shares of the company. The IPO didn’t include an offer for sale. An investor has to bid at Rs 235 per equity share.
The IPO bidding started on May 26 and finished on May 28. The allotment for the Aegis Vopak Terminals was finalised on May 29.
Aegis Vopak IPO: Bid size
A retail investor has to bid in for a minimum of 63 shares in an application, requiring a minimum amount of Rs 14,049.
However, the lot size was different for small NIIs and big NIIs. The minimum lot size investment for a small NII was 14 lots of 882 shares, amounting to Rs 2 lakh and for the big NII, it was 68 lots of 4,284 shares, totalling Rs 10 lakh.
Aegis Vopak IPO: Book runners
ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, and HDFC Bank are the book-running lead managers of the IPO, while MUFG Intime India (formerly Link Intime) is the registrar for the issue.
Aegis Vopak IPO: Expert take on IPO
On valuation parse, based on annualised FY25, it sought a PE of 235 times and EV/EBITDA of nearly 57 times. For FY24 earnings, PE stands at 301x times, and the post-issue market cap comes at Rs 26,037.8 crore. “The issue is extravagantly priced. Therefore, we believe that the company’s aggressive capacity additions justify the steep valuation. However, it has also achieved the lowest capex per MT while delivering the highest throughput and tank turns among peers, underscoring its operational excellence,” said Anand Rathi Research in an IPO note.