Latest news with #AegisVopak
Reuters
4 days ago
- Business
- Reuters
India's Schloss, Aegis Vopak IPOs fully sold on final day, retail demand subdued
May 28 (Reuters) - Indian initial public offerings of Leela hotels-owner Schloss Bangalore and Aegis Vopak Terminals were oversubscribed on Wednesday, hauled across the line by institutional buyers as retail demand floundered. India's IPO market is still finding its legs after a slow start to the year, following blockbuster listings from companies such as Swiggy ( opens new tab and NTPC Green ( opens new tab in 2024. India's blue-chip Nifty 50 (.NSEI), opens new tab index is up nearly 5% this year but is still more than 5% below record-high levels logged in September 2024, amid uncertainties around global tariffs and worries about their impact to trade. Proceeds from IPOs are down 29% on-year so far this year, while number of issues have dropped 38%, data from LSEG showed. IPO hopefuls, such as LG Electronics India, have either delayed plans or downsized their issue sizes. Schloss issued fresh shares and existing investor Brookfield sold some of its stake in the $409 million IPO. Aegis, a JV of Dutch tank storage group Vopak ( opens new tab, only issued new shares in its $328 million offering. Retail investors, who typically look to pocket listing gains, bid for just 83% of their reserved portion in Schloss' books, while Aegis drew just 77%. Institutional buyers, including foreign investors and banks, bid for over seven times the shares allotted for them in Schloss, and over three times their portion in Aegis. "Retail investors and high-net worth individuals recorded lacklustre enthusiasm as they found valuations to be too demanding, especially when markets have still not completely settled and global uncertainty fears loom," said Astha Jain, a research analyst with Hem Securities. Schloss is targeting a valuation of about $1.7 billion, while Aegis Vopak is aiming one at $3.05 billion. Both the firms are slated to start trading on Indian stock exchanges on June 2.
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Business Standard
5 days ago
- Business
- Business Standard
Aegis Vopak Terminals IPO Day 2 update: Subscription lags at 29%, GMP up 4%
Aegis Vopak Terminals IPO subscription status Day 2: The initial public offering of Aegis Vopak Terminals, which opened for subscription on Monday, May 26, 2025, has received a muted response from investors. The NSE data shows that the ₹2,800 crore offering of Aegis Vopak Terminals received bids for 2,01,66,300 shares, against 6,90,58,296 shares on offer, resulting in subscription of only 29 per cent by 12:40 PM on Tuesday, May 28. Among the industrial categories, Qualified Institutional Buyers (QIBs) led the demand by subscribing to the portion reserved for them by 39 per cent. This was followed by retail investors, who bid for 33 per cent, and Non-Institutional Investors (NIIs) at a mere 6 per cent. Aegis Vopak Terminals IPO GMP According to sources tracking unofficial markets, the unlisted shares of Aegis Vopak were trading at ₹246, commanding a GMP of ₹11 or 4.68 per cent against the upper band price of ₹235, on Tuesday, in the grey market. Aegis Vopak Terminals IPO details The company plans to raise ₹2,800 crore through a fresh issue of 119.1 million equity shares. There is no offer-for-sale (OFS) component. The mainline IPO will close for subscription on Wednesday, May 28, 2025. The basis of the allotment of shares is expected to be finalised on or before Thursday, May 29, 2025. Shares of Aegis Vopak are scheduled to be listed on both exchanges, NSE and BSE, tentatively on Monday, June 2, 2025. ALSO READ | The company has set the price band in the range of ₹223 to ₹235 per equity share. Retail investors can bid for a minimum of one lot consisting of 63 shares with an investment amount of ₹14,049. MUFG Intime India is the registrar of the issue. ICICI Securities, BN Paribas, IIFL Securities, Jefferies India, and HDFC Bank are the book-running lead managers for the issue. According to the red herring prospectus (RHP), the company plans to use the net issue proceeds for repayment or prepayment of all or a portion of outstanding borrowings, funding capex towards the contracted acquisition of cryogenic LPG terminal at Mangalore and general corporate purposes. About Aegis Vopak Terminals Incorporated in 2020, Aegis Vopak Terminals is a joint venture between Aegis Logistics and Vopak India BV (part of Royal Vopak, a Netherlands-based leading global tank storage company). It is the largest India third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and limited products in terms of storage capacity, as of December 31, 2024. The company owns and operates a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons (MT) of static capacity for LPG as of December 31, 2024, and offers secure storage facilities and associated infrastructure for liquids such as petroleum, vegetable oil, lubricants, and various categories of chemicals and gases such as LPG (including propane and butane). As of December 31, 2024, the company holds the largest storage capacity in India's LPG tank storage sector, accounting for approximately 11.50 per cent of the country's total static LPG capacity.
Time of India
5 days ago
- Business
- Time of India
4 new IPOs coming; should you go for them? Here's how Abhishek Gaoshinde rates them
Abhishek Gaoshinde , Deputy Vice President Research, Mirae Asset Sharekhan , says for Aegis Vopak IPO , he will give a 3.5 out of 10. For Schloss, it will be 4 because of its presence in this luxury hotel segment and for Scoda and Prostarm, he will give 2.5 because of their working capital intensive business model. What are the concerns for Aegis Vopak Terminals IPO? Abhishek Gaoshinde: Prima facie, this company caters to the oil and gas segment. Largely it is a third party owner and operator of tank storage terminals. So, almost its business is spread across the five major ports with 18 storage terminals. Aegis Vopak is largely a joint venture company between Aegis Logistics and Royal Vopak. Aegis owns almost 50% stake in the company and Vopak has a 47% stake. Broadly the company is raising funds to repay its debt. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pensioners Can Buy These Electric Cars in Kajang - See Prices Here! Electric Cars | Search Ads Search Now The business model of the company is that its whole performance depends on the kind of capacity utilisation it would have at a given point of a time. In light of that, despite being the debt repayment, there is no material visibility seen based on the available numbers on the table that because of this debt repayment its operating profitability or operating performance would improve. It has already reached a 70% kind of capacity utilisation. So, for further growth, either it should have to expand its existing capacity or go for inorganic growth. So, on both sides it would require new addition of funds to deploy in the business, else its growth would be capped. Third thing is that its ROEs are in the single digit but given that it is a high capital-intensive business, the capex to operating ratio is significantly high, and means whatever be the operating profitability you are generating, a significant part of that you need to deploy again in the system. In that way, your growth would be capped until or unless your capacity utilisation would increase along with the addition of the capacity. Fourth, there is some kind of a conflict of interest is also there because Aegis Logistics is in a similar kind of a business and which also utilise its terminal for imports and all these things, so some kind of independence from the promoters is required for a minority shareholder to bet on these kind of a companies. Live Events You Might Also Like: Four major IPOs to hit the market this week to garner Rs 6,600 crore I want your attention on the part where you mentioned conflict of interest. Although it is disclosed now, they have properly said that this is the business we are doing. Yes, promoters are also involved. How will it impact minority shareholders if you can explain that point. Abhishek Gaoshinde : Minority shareholders are not investing in Aegis Logistics. They do not want them to interfere in this kind of a business. There should be independence of decision making or independence of the utilisation of its own resources. For example, if in any case, a promoter has a similar kind of a business, one can say that things are happening at the arms' length basis but some kind of a doubt always remains in the mind of a minority investor that should be cleared out from the management side. As for the Schloss Bangalore IPO , what do the fundamentals suggest over there? Abhishek Gaoshinde : Schloss is largely in the luxury hotel segment. It has almost 13 properties in India and in these 13 properties, five are its own, seven are on the management contract basis and one is on the franchisee basis. The critical thing here is that almost 94% of its revenues come from the five properties. So, although it has a larger capacity, only 34% are really contributing to the revenue. The company has a plan to expand these 13 properties to 20 over the period and adding almost 19-20% to its revenue. But there is a concern that when the existing non-owned properties are not contributing so much to the revenue, what would happen next to this additional capacity is difficult to say at this point of time. Secondly there is a limited financial history to build up confidence because for FY23 and FY24, we see that the company has reported loss in the P&L and with this loss, its net worth was negative and that is a concern. Third is the valuation. It has only 13 properties and reported almost Rs 48 crore profit in FY25. Its market cap to sales is coming out to be 11 times which I think is not available at a cheap valuation. What do financials suggest for Prostarm Info IPO? Abhishek Gaoshinde: In nine months of FY25, it reported roughly Rs 22 crore profit with a double-digit EBITDA margin of 13.4%. But the crux does not lie in this P&L, it lies in the cash flow. So, despite this double-digit EBITDA margin, the company has reported operating cash flows and this is because the company's overall business model is working capital intensity. You Might Also Like: Aegis Vopak Terminals IPO: Company raises Rs 1,260 crore from Nomura, Aberdeen 30 other anchor investors So, a larger part of operating profitability has been eaten away by the working capital requirement. In recent days, its working capital days was over 100 and that is the key concern and the second major concern is that the company is raising almost Rs 168 crore from this IPO and 43% of that fund the company wants to utilise for the working capital requirement. It means the company is raising funds from long-term resources but utilising it for short-term requirements and this is a major concern because in this way we are not getting the way or the visibility where from the future growth would come into the company, considering that the double-digit EBITDA margin or profitability will not give any kind of visibility or future prospects of the company. What is your view on Scoda Tubes? Abhishek Gaoshinde: Again, prima facie it is also following this working capital intensive business model in which again the same thing is happening that the operating profitability is not converting directly into the operating cash flow and in that way the concern related with its growth will continue because out of its total gross proceeds from the IPO , 50% of that it is going to utilise for the working capital requirement only. In this way, we do not know what would happen with this company in next year when it will again require for a working capital because if due to working capital requirement, the promoter holding is coming down or equity is diluting in this year, one can say that next year, if there is no get working capital requirements or working capital funding from the banks, it will have to go to the investors for working capital funding and the further equity dilution may happen. You Might Also Like: IPO Calendar: 9 companies to raise nearly Rs 7,000 crore in one of the busiest weeks Second, it follows this stockist-based business model in which its performance depends on the stockists and thirdly, the stainless steel tube segment is highly fragmented and Scoda has only 5-7% market share. Until and unless the company would completely get a solution for this working capital requirement, it is very difficult to say what would be the future of the company in the next three to five years. Can you summarise the rating for all these four IPOs? Abhishek Gaoshinde: For Aegis, I will go with a 3.5 out of 10. For Schloss, I will give 4 because of its presence in this luxury hotel segment and for Scoda and Prostarm, I will give 2.5 because of their working capital intensive business model.
News18
25-05-2025
- Business
- News18
Aegis Vopak IPO: GMP Rises From Nil To Rs 17 Ahead Of May 26 Launch; Check Details
Last Updated: Aegis Vopak IPO GMP: According to various market observers, Grey Market Premium (GMP) of Aegis Vopak Terminals IPO stands at a premium of 7 per cent. Aegis Vopak IPO: Aegis Vopak Terminals IPO is scheduled to open tomorrow, May 26, and will be available for subscription until May 28. The company specializes in storage solutions for LPG and liquid products, with the issue amounting to Rs 2800 crore. The IPO will be open from May 26 to May 28. The IPO consists entirely of a fresh issue of 11.91 crore shares, totaling Rs 2,800 crore, with no offer-for-sale component. Aegis Vopak IPO Price Bank Aegis Vopak Terminals IPO price band is set between Rs 223 and Rs 235 per share. Retail investors can apply for a minimum of one lot, comprising 63 shares. At the upper price band, this equates to an investment of Rs 14,805. For small HNIs, the minimum application is 14 lots or Rs 2.07 lakh. advetisement Aegis Vopak IPO Allotment And Listing Dates The tentative allotment date for Ageis Vopak Terminals IPO is Thursday, May 29. Shares are expected to list on BSE and NSE on Monday, June 2025. Aegis Vopak IPO Purpose The funds raised will be used to repay or prepay certain borrowings, finance the acquisition of a cryogenic LPG terminal in Mangalore, and for general corporate purposes. Aegis Vopak IPO GMP According to various market observers, Grey Market Premium (GMP) of Aegis Vopak Terminals IPO stands at a premium of 7 per cent (Rs 17), ahead of the launch day on May 26. It showed a good gain given the nil GMP previously. Aegis Vopak Aegis Vopak operates two LPG and 16 liquid storage terminals across five major Indian ports: Haldia, Kochi, Mangalore, Pipavav, and Kandla. These terminals handle various products, including petroleum, chemicals, edible oils, and industrial gases like propane and butane. Storage Capacity and Reach As of June 2024, the company boasts a liquid storage capacity of 1.5 million cubic meters and an LPG capacity of 70,800 metric tons, making it one of India's largest storage providers. Aegis Vopak Financials Financial Performance For FY24, the company reported a revenue of Rs 570.12 crore and a net profit of Rs 86.54 crore. For the nine months ending December 2024, the PAT was Rs 85.89 crore. Disclaimer: The views and investment tips by experts in this 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. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! Location : New Delhi, India, India First Published: May 25, 2025, 10:34 IST News business » ipo Aegis Vopak IPO: GMP Rises From Nil To Rs 17 Ahead Of May 26 Launch; Check Details
News18
24-05-2025
- Business
- News18
Aegis Vopak Terminals IPO: Firm Raises Rs 1,260 Crore from Anchors; Check GMP, Price, Dates, Size & More
Last Updated: Aegis Vopak Terminals Ltd raises Rs 1,260 crore from anchor investors before its IPO on May 26. The IPO aims to raise Rs 2,800 crore for debt repayment and capital expenditure. Aegis Vopak Terminals IPO: Aegis Vopak Terminals Ltd, a subsidiary of Aegis Logistics Ltd, has raised Rs 1,260 crore from anchor investors, ahead of its initial public offering (IPO) that opens for public subscription on May 26 and closes on May 28. Anchor Investors & Allocation As per a regulatory filing with the BSE, the company has allotted 5.36 crore equity shares at the upper price band of Rs 235 per share to 32 anchor investors, including prominent names like American Funds Insurance, HDFC Mutual Fund, Smallcap World Fund, 360 One, Motilal Oswal, SBI General Insurance, and Think India. Bidding Dates: May 26 to May 28 Anchor Investor Bidding Date: May 23 Listing Date: Tentatively scheduled for June 2 Issue Reservation: A total of 75% is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. According to the red herring prospectus (RHP), the IPO proceeds will be utilised as follows — Rs 2,016 crore towards repayment of debt; Rs 671.30 crore for capital expenditure, particularly the acquisition of a cryogenic LPG terminal in Mangalore; and the remaining for general corporate purposes. As of June 2024, the company had total borrowings of Rs 2,584 crore on its books. About the Company Aegis Vopak Terminals is a key player in the terminalling infrastructure space in India. It owns and operates storage tank terminals across the country, handling a wide range of liquids and gases, including petroleum products, chemicals, vegetable oils, lubricants, and gases like LPG, propane, and butane. What sets Aegis Vopak apart is the strategic location of its terminals—mostly near major ports and key shipping routes. This offers the company a competitive edge by enabling faster evacuation through pipelines, rail, and road, reducing last-mile delivery costs, and improving turnaround times for its clients. The strategic importance of well-connected terminals is growing in the global terminalling industry, making companies like Aegis Vopak key players in the supply chain ecosystem. The IPO is being managed by ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, and HDFC Bank. First Published: May 24, 2025, 08:29 IST
