IPO GMPs: Leela Hotels IPO vs Aegis Vopak Terminals IPO - what grey market premium signals ahead of listing date?
Aegis Vopak Terminals, the provider of storage terminals for LPG and various liquid products, and Schloss Bangalore Ltd, the operator of the luxury hotels brand 'The Leela' in India, are set to make their debut in the Indian stock market next week after a muted response to their initial public offerings (IPO).
Aegis Vopak Terminals IPO listing date and Leela Hotels IPO listing date is June 2. The equity shares of Aegis Vopak Terminals and Leela Hotels will be listed on both the stock exchanges - BSE and NSE.
Ahead of the IPO listings, investors gauge the trends in the grey market premiums (GMP) of both the shares to evaluate the estimated listing prices. Here's a look at what Aegis Vopak Terminals IPO GMP and Leela Hotels IPO GMP today signals ahead of listing.
The trends for Aegis Vopak Terminals shares in the unlisted market remains muted. According to stock market observers, Aegis Vopak Terminals IPO GMP today is just ₹ 1.5 per share. This means that, in the grey market, Aegis Vopak Terminals shares are trading higher by ₹ 1.5 apiece than their issue price.
Considering the Aegis Vopak Terminals IPO GMP today, the estimated listing price of Aegis Vopak Terminals IPO shares is ₹ 236.5 apiece, which is at a premium of 0.64% to the IPO price of ₹ 235 per share.
Leela Hotels IPO GMP today also remains muted. As per market experts, Leela Hotels IPO GMP today is ₹ 3 per share. This indicates that the estimated listing price of Leela Hotels shares would be ₹ 438 apiece, a premium of 0.69% to the IPO price of ₹ 435 per share.
Leela Hotels IPO and Aegis Vopak Terminals IPO failed to generate euphoria in the market and garner massive subscriptions.
Leela Hotels IPO was subscribed 4.50 times in total as it received bids for 20.96 crore equity shares as against 4.66 crore shares on the offer. The public issue was subscribed 0.83 times in the retail category, 7.46 times in the Qualified Institutional Buyers (QIB) category, and 1.02 times in the Non Institutional Investors (NII) segment.
Aegis Vopak Terminals IPO received even less interest, with an overall subscription of 2.09 times. The public issue subscribed 0.77 times in the retail category, 3.30 times in QIB, and 0.56 times in the NII category.
Analysts attribute the subdued response for the two IPOs primarily to high valuations and uncertain market sentiment.
Leela Hotels IPO and Aegis Vopak Terminals IPO were open for public subscription from May 26 to May 28. The IPO allotment was finalised on May 29 and both the IPOs will listing on June 2.
The ₹ 3,500-crore Leela Hotels IPO comprised a fresh issue of 5.75 crore equity shares worth ₹ 2,500 crore and an offer-for-sale (OFS) of 2.30 crore shares amounting to ₹ 1,000 crore. On the other hand, Aegis Vopak Terminals IPO was a ₹ 2,800 crore offer, entirely consisting of a fresh issue of 11.91 crore shares.
Aegis Vopak Terminals IPO price band was fixed at ₹ 235 per share, while Leela Hotels IPO price band was set at ₹ 413 to ₹ 435 per share.
Aegis Vopak Terminals is valued at a steep price-to-earnings (P/E) multiple of 235x based on FY24 earnings, significantly higher than the peer average of 42x. The company's price-to-book (P/B) ratio stands at 18x, which is three times the industry average of 6x, indicating a premium valuation.
In comparison, the IPO of Leela Hotels is priced at ₹ 435, translating to a P/E of 220.8x based on FY25 projected EPS of ₹ 1.97. While this valuation is more than double the peer average of approximately 98.9x, the price-to-book ratio of 2.92x appears reasonable.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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