India-based Aegis Vopak Terminals Limited, a company providing safe storage for LPG and liquid products, saw its IPO subscribed over 38% on May 28, 2025, the final day of bidding. With a price band of ₹223–₹235 per share, the ₹2,800 crore IPO received a lukewarm response, as the grey market premium (GMP) dropped to ₹3. The issue closes with retail investors subscribing over 51%, while QIBs and NIIs remained cautious.
Aegis Vopak Terminals Limited (AVTL), an Indian company headquartered in Maharashtra that operates storage terminals for liquefied petroleum gas (LPG) and various liquid products, closed its initial public offering (IPO) subscription on May 28, 2025, with an overall subscription of just over 38%.
Incorporated in 2013, AVTL is engaged in the storage and handling of petroleum, vegetable oils, lubricants, chemicals, and gases like propane and butane. The company is recognized for its infrastructure that ensures the safe handling of critical and volatile products.
The ₹2,800 crore IPO, which opened on May 26, offered 11.91 crore fresh equity shares at a price band of ₹223–₹235 per share. On the final day of bidding, the IPO saw applications for 2.47 crore shares against the total offering of 6.90 crore shares.
The retail segment led the subscription, clocking over 51%, followed by Qualified Institutional Buyers (QIBs) at 44%, while Non-Institutional Investors (NIIs) lagged at 15%.
Meanwhile, the Grey Market Premium (GMP) dropped from ₹5 on Tuesday to ₹3 by Wednesday, bringing the estimated listing price to ₹238 — just 1.28% above the upper end of the issue price.
The IPO allotment is expected to be finalized by May 29, 2025, with a tentative listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) scheduled for June 2, 2025.
Book running lead managers for the issue include ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, and HDFC Bank, while MUFG Intime India Pvt Ltd (Link Intime) serves as the registrar.
Investors and analysts are watching closely to see how the company’s debut performs, especially amid fluctuating GMP and modest institutional participation.