Vopak's Indian JV starts trading on Mumbai stock exchanges
Dutch tank storage group Vopak said on Monday its Indian joint venture, Aegis Vopak Terminals, started trading after completing its initial public offering.
The issue price for the IPO was 235 rupees ($2.75) per share, at the top end of the previously announced price range, the group said.
The shares were trading at 238.89 rupees around 0539 GMT.
The offering 'strongly supports Vopak's strategy of expanding our portfolio of gas and industrial terminals,' group CEO Dick Richelle said.
The transaction will result in an exceptional dilution gain of around 110 million euros ($125.09 million) to be recorded by Vopak in the second quarter, the company said.
Vopak has terminals in seven Indian ports and expects to benefit from the dynamic growth of the country's economy, with many more investment opportunities, notably in the liquefied petroleum gas (LPG) market.
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