Aegis Vopak lists at Rs 220, down 6.38% from IPO price
By Aditya Bhagchandani Published on June 2, 2025, 10:06 IST
Aegis Vopak Terminals shares debuted at ₹220 on both NSE and BSE on Monday, June 2, listing at a 6.38% discount to the IPO issue price of ₹235. The listing comes after the company's ₹2,800-crore initial public offer (IPO) was subscribed 2.09 times during the bidding window from May 26 to May 28.
The IPO was priced at a fixed band of ₹223–₹235 per share. Post-listing, the company's market capitalization stood at approximately ₹24,375.81 crore.
Despite the modest subscription, Aegis Vopak Terminals entered the market at a premium valuation. Based on FY24 earnings, the company is valued at a P/E multiple of 235x — significantly higher than the sector average of 42x. Its price-to-book (P/B) ratio stands at 18x, which is also nearly three times the industry average of 6x.
In comparison, Leela Hotels — which also listed today — was priced at ₹435, implying a P/E of 220.8x based on its projected FY25 EPS of ₹1.97. While its P/E is also more than double the peer average of 98.9x, its P/B ratio appears more moderate at 2.92x.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
6 hours ago
- Business Upturn
Agenus and Zydus Lifesciences Enter $141M Strategic Collaboration to Advance BOT/BAL, Expand Zydus' Biologics Manufacturing in the US
LEXINGTON, Mass., United States: $75M upfront payment to Agenus for the transfer of manufacturing assets $50M of contingent payments to Agenus Exclusive license for BOT/BAL in India and Sri Lanka $16M equity investment at $7.50 per share Agenus Inc. (Nasdaq: AGEN), a leader in immuno-oncology innovation, today announced it has signed definitive partnership agreements with Zydus Lifesciences Ltd. (NSE: ZYDUSLIFE), including its subsidiaries/affiliates, hereafter referred to as 'Zydus,' designed to accelerate clinical development, scale global manufacturing, and expand patient access to botensilimab and balstilimab (BOT/BAL). The strategic collaboration includes an exchange of Agenus' state-of-the-art biologics CMC facilities in Emeryville, CA and Berkeley, CA for upfront consideration of $75M; Agenus to receive up to an additional $50M in contingent payments triggered by BOT/BAL production orders. Zydus, an India-based multinational pharmaceutical company with over 27,000 employees and operations in 55 countries, will launch a BioCDMO business using the facilities as their flagship U.S. sites to provide biologics contract manufacturing services to biopharmaceutical companies globally. Agenus will become Zydus' first BioCDMO customer through an exclusive manufacturing agreement for BOT/BAL to ensure the combination regimen's BLA and launch readiness needs. This collaboration enables Agenus to unlock the value of its manufacturing assets and secure strategic capital to drive BOT/BAL toward global regulatory engagement and commercialization. Agenus will also grant Zydus an exclusive license to develop and commercialize BOT and BAL in India and Sri Lanka, capitalizing on Zydus' established local market presence and infrastructure. Zydus will pay Agenus a 5 percent royalty on net sales in those countries. In a demonstration of mutual commitment, Zydus will also make a strategic equity investment in Agenus by purchasing approximately 2.1 million shares of common stock at $7.50 per share, totaling approximately $16 million in gross proceeds. Agenus intends to apply the net proceeds from the sale of the purchased shares for working capital and general corporate purposes, and will accelerate ongoing clinical development, registration and potential commercialization of BOT/BAL. By uniting Agenus' pioneering research and development capabilities with Zydus' worldwide manufacturing, commercialization and operational strength, this partnership sets the stage for a new era in cancer immunotherapy in India and beyond. 'With a trade agreement between the United States and India seemingly imminent, there is a renewed sense of confidence by trading partners in both countries in the future of Indian-American relations,' said Dr. Garo Armen, CEO of Agenus. 'There is also a growing recognition by both countries of the need for the United States to ensure that biopharma supply chains are secure. We are working with Zydus to accelerate future clinical trials for BOT/BAL and eventually its global footprint in oncology therapeutics. This agreement is an expression of confidence in the future of Agenus and in the regulatory environment of the United States. The administration has created an environment that has brought these two trading partners together. The United States is the second largest trading partner with India. For these reasons and the strong collaborative spirit we feel with our new partners at Zydus, we decided to enter into this partnership now.' 'We are thrilled to be partnering with Agenus to advance BOT/BAL, which has the potential to benefit thousands of patients in our core markets of India and Sri Lanka annually and millions of solid tumor patients globally. We plan to run clinical trials testing BOT/BAL in both early-stage and late-stage disease, along with expansion beyond colorectal cancer to other major disease settings like triple negative breast cancer,' said Dr. Sharvil Patel, Managing Director at Zydus Lifesciences Ltd. The transaction is subject to customary closing conditions and satisfactory due diligence. The parties aim to complete closing agreements within 60 days. Conference Call and Webcast Date/Time: Tuesday, June 3rd; 4:30 p.m. ET To access dial-in numbers, please register at: . Conference ID: 12788 Advisors As part of this effort, Agenus was advised by Biotech Value Advisors (BVA), a strategic advisory firm, which provided guidance on transaction structure, partner selection and negotiations. About Agenus Agenus is a leading immuno-oncology company targeting cancer with a comprehensive pipeline of immunological agents. The company was founded in 1994 with a mission to expand patient populations benefiting from cancer immunotherapy through combination approaches, using a broad repertoire of antibody therapeutics, adoptive cell therapies (through MiNK Therapeutics) and adjuvants (through SaponiQx). Agenus has robust end-to-end development capabilities, across commercial and clinical cGMP manufacturing facilities, research and discovery, and a global clinical operations footprint. Agenus is headquartered in Lexington, MA. For more information, visit or @agenus_bio. Information that may be important to investors will be routinely posted on our website and social media channels. About Zydus Lifesciences Zydus Lifesciences Ltd. with an overarching purpose of empowering people with freedom to live healthier and more fulfilled lives, is an innovative, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies. The group employs over 27,000 people worldwide, including 1,400 scientists engaged in R&D, and is driven by its mission to unlock new possibilities in lifesciences through quality healthcare solutions that impact lives. The group aspires to transform lives through path-breaking discoveries. For more details visit About Botensilimab (BOT) Botensilimab (BOT) is a human Fc enhanced CTLA-4 blocking antibody designed to boost both innate and adaptive anti-tumor immune responses. Its novel design leverages mechanisms of action to extend immunotherapy benefits to 'cold' tumors which generally respond poorly to standard of care or are refractory to conventional PD-1/CTLA-4 therapies and investigational therapies. Botensilimab augments immune responses across a wide range of tumor types by priming and activating T cells, downregulating intratumoral regulatory T cells, activating myeloid cells and inducing long-term memory responses. Approximately 1,200 patients have been treated with botensilimab and/or balstilimab in phase 1 and phase 2 clinical trials. Botensilimab alone, or in combination with Agenus' investigational PD-1 antibody, balstilimab, has shown clinical responses across nine metastatic, late-line cancers. For more information about botensilimab trials, visit . About Balstilimab (BAL) Balstilimab is a novel, fully human monoclonal immunoglobulin G4 (IgG4) designed to block PD-1 (programmed cell death protein 1) from interacting with its ligands PD-L1 and PD-L2. It has been evaluated in >900 patients to date and has demonstrated clinical activity and a favorable tolerability profile in several tumor types. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding its botensilimab and balstilimab programs, expected regulatory timelines and filings, and any other statements containing the words 'may,' 'believes,' 'expects,' 'anticipates,' 'hopes,' 'intends,' 'plans,' 'forecasts,' 'estimates,' 'will,' 'establish,' 'potential,' 'superiority,' 'best in class,' and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Annual Report on Form 10-K for 2024, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Business Upturn
8 hours ago
- Business Upturn
Servotech secures Rs 33.6 crore solar rooftop project from Northeast Frontier Railway
By Aditya Bhagchandani Published on June 3, 2025, 19:25 IST Servotech Renewable Power System Ltd. (NSE: SERVOTECH), a key player in India's solar solutions industry, has been awarded a 7.8 MW grid-connected solar rooftop project by the Rangiya Division of the Northeast Frontier Railway. The project is valued at Rs 33.6 crore and also includes a 5-year comprehensive Annual Maintenance Contract (AMC/CAMC) covering multiple buildings in the division. This major contract highlights Servotech's growing role in advancing India's renewable energy initiatives, particularly in large infrastructure projects. The installation aims to help the railway significantly reduce its carbon footprint by using clean solar energy, aligning with broader national sustainability goals. Commenting on the development, Sarika Bhatia, Director at Servotech Renewable Power System Ltd., said, 'We are immensely proud to partner with the Northeast Frontier Railway on this crucial solar rooftop project. This order is a testament to Servotech's capabilities in delivering high-quality, reliable, and sustainable solar energy solutions.' The project is expected to enhance the railway's energy efficiency while reinforcing Servotech's presence as a trusted name in India's clean energy landscape. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
8 hours ago
- Yahoo
German auto industry risks production halts over Chinese rare earth export restric
-- Germany's automobile industry could face production delays and potential outages due to China's export restrictions on rare earths alloys, mixtures, and magnets, according to a warning issued by the German auto lobby, VDA. The lobby's head, Hildegard Mueller, highlighted the severity of the issue in a statement on Tuesday, citing slow export license approvals and customs clearance delays as the primary causes of the problem. This is the first time VDA has warned of a potential halt in production due to these issues. The slow granting of export licenses and lags in customs clearances for exports with valid licenses are causing significant issues for automakers. In response to the new rules imposed by China in April, which require exporters to obtain licenses from Beijing, diplomats, automakers, and executives from India, Japan, and Europe are urgently seeking meetings with Beijing officials. Their goal is to push for a faster approval process for rare earth magnet exports. Mueller stressed the urgency of the situation, stating that while some licenses have been granted, it is currently insufficient to ensure smooth production. If the situation does not change quickly, she warned, production delays and even production outages could become a reality. The shortage poses a significant threat to the already strained supply chains of automakers such as Volkswagen (ETR:VOWG_p), Mercedes-Benz (OTC:MBGAF), and BMW (ETR:BMWG), as well as suppliers like Bosch (NSE:BOSH). These companies, among others, rely on rare earths for applications, including motors for electric cars. Related articles German auto industry risks production halts over Chinese rare earth export restric GSK cut to Hold by Berenberg as investors await proof from upcoming drug launches Evercore upgrades Block on lower lending risk and steady consumer trends
