The Leela Hotels, Aegis Vopak Terminals shares surge up to 10% post listing. What should investors do now?
Shares of Aegis Vopak Terminals and The Leela Hotels (Schloss Bangalore) rebounded up to 10% on the BSE after a weak listing on Monday.
ADVERTISEMENT Aegis Vopak Terminals listed at Rs 220, a 6.4% discount to its IPO price of Rs 235. However, the stock quickly bounced back, hitting the 10% upper circuit at Rs 241.95.
Schloss Bangalore, which owns and operates luxury properties under the iconic "The Leela" brand, debuted at Rs 406 on the NSE and Rs 406.50 on the BSE, a discount of about 6.6% from the issue price of Rs 435. It later surged nearly 7% to reclaim the IPO price level.
Expert View"Aegis Vopak Terminals listed at a discount due to muted investor enthusiasm despite strong institutional backing. With the retail and HNI segments under-subscribed, concerns around valuation were evident. Long-term investors may wait for further consolidation before entering, given the company's robust expansion outlook," said Satish Chandra Aluri of Lemonn Markets Desk.On The Leela Hotels, Aluri added, 'Despite the strength of its brand and institutional interest, retail and HNI participation remained weak. The flat grey market premium had already signaled a subdued listing. Valuation concerns continue to weigh on investor sentiment.'
ADVERTISEMENT
The IPO, entirely a fresh issue of 11.91 crore shares, was subscribed 2.09 times overall, driven by Qualified Institutional Buyers (QIBs), whose quota was subscribed 4.34 times. In contrast, the non-institutional investor (NII) and retail portions were subscribed just 0.32 and 0.70 times, respectively.
Aegis Vopak Terminals is a joint venture between Aegis Logistics and Netherlands-based Royal Vopak. The company operates LPG and liquid storage terminals at five major Indian ports—Haldia, Kochi, Mangalore, Pipavav, and Kandla—with a total capacity of 1.5 million cubic meters for liquids and 70,800 MT for LPG.
ADVERTISEMENT
The Leela Hotels IPO comprised a fresh issue worth Rs 2,500 crore and an offer for sale of Rs 1,000 crore. The issue was subscribed 2.62 times overall, with QIBs bidding 4.34 times their allotment. Retail and HNI participation lagged at 0.70 and 0.32 times, respectively.Backed by Brookfield-managed funds, the company owns five luxury hotels across Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur. It also manages several other Leela-branded properties, with a total operational portfolio of 12 hotels and 3,382 keys, positioning it among India's largest luxury hospitality operators.
ADVERTISEMENT Proceeds from the fresh issue will be used to repay borrowings at key group properties and for general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
26 minutes ago
- The Print
Power supply cables on Metro network stolen in Gandhinagar, second such incident in 2 weeks
According to officials of the Gujarat Metro Rail Corporation Ltd (GMRC), services on the route were not affected because the Metro was not operational at the time of the theft and the issue was resolved before trains commenced at 7 am. The power cable theft, the second such incident in two weeks, took place in the early hours of Monday. Ahmedabad, Jun 3 (PTI) Unidentified persons stole power cables worth Rs 17.85 lakh from tracks between two Metro train stations near Gandhinagar city, a police official said on Tuesday. An FIR was registered with the Infocity police station of Gandhinagar on Monday after GMRC section engineer Mayur Joshi submitted a complaint about the theft of copper cables, which are laid alongside the tracks to power Metro trains. 'We have registered an FIR and started our investigation. No one has been arrested yet,' said sub-inspector of the Infocity police station, Dhaval Singh. The theft took place between Koba Circle and Juna Koba stations, which fall on Motera to Gandhinagar route, said the FIR. When a Metro train came to a sudden halt at around 3 am between these two stations, Joshi was called to the spot to look into the issue as the train was not getting electric supply. During inspection, Joshi learnt someone had stolen 700 metres of power cables worth Rs 17.85 lakh after cutting and detaching them from the brackets, it said. This was the second incident wherein power cables of the Metro network were stolen. On May 22, Metro services experienced disruption on a route in Ahmedabad city after unidentified persons stole 500 metres of power cables worth Rs 9 lakh from the tracks near Shahpur station. PTI PJT RSY This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
26 minutes ago
- The Print
Mumbai police bust bogus call centre in Delhi; one held for duping people
'The complainant had received a call on his mobile phone in which the caller had promised to increase the limit of his credit card,' he said. The crime had come to light in August last year after a complainant approached the Sion police as he was duped for Rs 4.54 lakh by unidentified fraudsters, an official said. Mumbai, Jun 3 (PTI) The Mumbai police have busted a bogus call centre operating in Delhi, and arrested a 29-year-old man for cheating people by withdrawing money from their credit cards, officials said on Tuesday. The caller had gained the complainant's confidence and obtained his credit card number and other vital details by asking him to fill up details in a link, he said. By using those details, the fraudster withdrew Rs 4.54 lakh from his credit card, he said. During the investigation of the case, it came to light that the number used for calling the complainant was from Delhi, following which a team of the Sion police went to the national capital for investigation, he said. The team conducted a raid at the bogus call centre and arrested the main accused, identified as Manjeet Kumar Mahavir Singh. It came to light that he had set up a call centre in a room, where 11 persons were found making calls to people across the country and cheating them on the promise of increasing the limit of their credit cards, he said. 'While investigating the case, it also came to light that there were 16 online complaints in which the same mobile number was used by the accused persons,' he said. PTI DC NP This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
26 minutes ago
- The Print
Adityanath urges BJP leaders to amplify Modi govt's 11-year achievements
Themed '11 Years of Service, Good Governance and Poor Welfare ('seva, sushashan aur gareeb kalyan ke 11 varsh)', the event began with floral tributes to Pandit Deendayal Upadhyaya, the UP government said in a statement. Addressing a state-level workshop organised in Lucknow on the completion of 11 years of the Modi government, Chief Minister Yogi Adityanath said that it is the good fortune of the nation to have the impactful leadership of Prime Minister Narendra Modi during the Amrit Kaal of independence. Lucknow, Jun 3 (PTI) Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday urged BJP workers to take the achievements of the central government to every citizen. Urging party workers to focus on grassroots engagement, the chief minister said it is everyone's responsibility to communicate the government's 11 years of achievements at the booth level. He called for connecting all sections and organisations with the campaign and highlighting success stories of beneficiaries. Adityanath said that the 11 years of Modi government's performance form the foundation for realizing the vision of a developed India. 'Workers must play an active role in disseminating these achievements at the state, district, mandal, and Shakti Kendra levels,' he said. He encouraged workers not to limit the campaign to the party cadre, but to engage with the general public, professional groups, and direct beneficiaries. Citing recent by-elections, he said that coordinated meetings of party departments and cells had proved effective. BJP's six morchas and 22-23 cells represent every segment of society, including lawyers, doctors, teachers, students, and beneficiaries. Organising meetings with these groups and selecting speakers from among them would ensure effective outreach, he said. Highlighting the success of the Ayushman Bharat scheme, Adityanath said that where once illness became a crisis for families, today over 50 crore people in India, including 10 crore in Uttar Pradesh, are covered under the scheme. Through the Ayushman Bharat Vay Vandana Yojana, senior citizens above the age of 70 receive free health coverage of up to Rs 5 lakh, without any discrimination. Speaking on progress in healthcare, he said that prior to 2014, India had only one AIIMS. While Atal Bihari Vajpayee established six AIIMS, the Modi government has added 22 more, including two in Uttar Pradesh. The 'One District, One Medical College' vision has made institutions a reality in remote districts such as Maharajganj, Lakhimpur Kheri, and Mirzapur, providing both healthcare access and employment. He urged workers to proudly promote these achievements and counter misinformation from the opposition. He said that PM Narendra Modi is the first Prime Minister to restore Ayodhya's glory. He urged workers to actively participate in programmes like the Tiranga Yatra, Ahilyabai Holkar anniversary, and International Yoga Day. He also called on BJP workers to participate in the Ek Ped Maa Ke Naam campaign and River Rejuvenation Programme on World Environment Day (June 5). Adityanath concluded by stating that Uttar Pradesh, under the leadership of the double-engine government, is reaching new heights of development. PTI NAV HIG HIG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
