Aegis Vopak Terminals IPO Day 2: Check Subscription Status, GMP Today; Should You Bet?
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Aegis Vopak Terminals IPO: Aegis Vopak Terminals owns and operates storage tank terminals across India. Check price band, allotment and listing dates and brokerage views.
Aegis Vopak Terminals IPO Day 2: The initial public offering of Aegis Vopak Terminals Ltd opened for public subscription on Monday, May 26. As of 11:15 AM on the second day of the Aegis Vopak Terminals IPO subscription, investors have bid for 1,91,76,003 shares against the offered shares of 6,90,58,296, representing a subscription of 0.28 times.
As of 11:15 AM on the second day of the Aegis Vopak Terminals IPO subscription, the status across various investor categories is as follows:
Qualified Institutional Buyers (QIBs) have been offered 3,76,68,163 shares, out of which they have bid for 1,48,38,894 shares, reaching 0.39 times their allocated portion. Foreign Institutional Investors (FIIs) have bid for 1,48,29,444 shares. Other categories under QIBs, such as Domestic Financial Institutions, Mutual Funds, and others, have not placed any bids so far.
Non-Institutional Investors (NIIs) have been offered 1,88,34,080 shares, with bids placed for 8,20,386 shares, amounting to 0.04 times their portion.
Retail Individual Investors (RIIs) have been offered 1,25,56,053 shares and have bid for 35,16,723 shares, equating to 0.28 times their allotted portion.
Aegis Vopak Terminals Ltd (AVTL), a joint venture between Aegis Logistics Limited and Royal Vopak, is India's leading third-party owner and operator of tank storage terminals for LPG and liquid products. It has presence over both East and West coasts of India.
The IPO will be closed on Wednesday, May 28.
The price band has been fixed in the range of Rs 223-235 apiece.
Aegis Vopak Terminals IPO GMP Today
According to market observers, unlisted shares of Aegis Vopak Terminals Ltd are currently trading at Rs 247 apiece in the grey market, which is a 5.10 per cent premium or GMP over the IPO price of Rs 235. It indicates listing gains for investors on June 2, the tentative listing date.
The shares will be listed on both BSE and NSE.
The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
Aegis Vopak Terminals IPO: Should You Subscribe?
Most brokerage firms have given a 'subscribe' rating to the IPO, especially for the long term. However, they have also flagged several risks.
Giving a 'subscribe for long term' rating for the IPO, Bajaj Broking in its IPO note said, 'While the company has demonstrated a strong financial turnaround posting a net profit of Rs 86.54 crore in FY24 after a marginal loss in FY23, the valuation requires careful consideration."
Based on FY24 EPS of Rs 1 and a NAV of Rs 13.27, the IPO price band of Rs 223-Rs 235 appears expensive on traditional valuation metrics like price-to-earnings, especially as a meaningful P/E cannot be derived due to the company's recent shift to profitability, it said.
'While the company's strategic importance in India's LPG and liquid bulk infrastructure space justifies a premium to some extent, the pricing seems to factor in strong future growth expectations. Investors should view this IPO as a play on long-term infrastructure and energy logistics growth, but must weigh the premium valuation against the company's limited historical profitability and execution risks in upcoming capex projects," said Bajaj Broking.
Another brokerage firm BP Wealth has also granted 'Subscribe' rating to the IPO. 'The company has demonstrated stable financial performance over the last three financial years, aided by its annuity-like business model and long-term customer contracts. The company has managed debt levels, indicating strong financial flexibility to support its expansion plans under project GATI. The company's asset-heavy model and predictable cash flows from storage contracts provide visibility in earnings, making it well-positioned for future growth," it said in its IPO note.
The issue is valued at a P/E of 198.0x on the upper price band based on FY25 earnings. 'Therefore, we recommend a SUBSCRIBE rating for the issue," BP Wealth stated.
Brokerage firm Ventura also granted 'Subscribe' rating to the IPO. It said, 'At the upper price band of INR 235, the IPO is priced at a TTM P/E of 187.7x. While this valuation appears steep, the company's ongoing LPG capacity expansion and planned future ventures into green ammonia present substantial long-term growth potential. We therefore recommend 'subscribe' to this IPO."
Granting 'subscribe for long term' rating to the IPO, Aditya Birla Capital in its note said, 'The company plans to raise Rs 2,800 crore with objective of loan repayment of Rs 2,016 crore and balance for funding expansion capex. At upper price-band of Rs 235, the issue is priced at a ~57x FY25 EV/EBITDA. The aggressive expansion and strong parentage instil confidence in the company, we recommend 'subscribe for long term' to the issue."
Risks
According to brokerage firms, the IPO faces the following risks: 1) Slowdown in India's oil & gas industry; 2) Damage to assets owing to natural calamities or any other reasons; 3) Non-compliance of safety or legal regulations applicable to the business; and 4) Promoters are involved in similar businesses.
Aegis Vopak Terminals IPO: More Details
Aegis Vopak Terminals has raised Rs 1,260 crore from anchor investors, ahead of its initial share-sale that opens for public subscription. The company is valued at around Rs 26,000 crore at the upper end of the price band.
The IPO is entirely a fresh issue of equity shares worth Rs 2,800 crore with no offer-for-sale (OFS) component, according to the red herring prospectus (RHP). Previously, the IPO was planned to raise Rs 3,500 crore.
Proceeds worth Rs 2,016 crore will be used for payment of debt, Rs 671.30 crore to fund capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore and the remaining amount will be allocated for general corporate purposes.
Aegis Vopak Terminals owns and operates storage tank terminals across India. These terminals provide secure storage facilities for liquids like petroleum, vegetable oil, lubricants, chemicals, and gases such as LPG, propane, and butane.
The strategic location of the company's terminals near key ports, closer to major shipping routes, offers competitive advantages, including faster evacuation through pipelines, rail, and road, lower delivery costs, and improved delivery times.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
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