Aegis Vopak Terminals Limited, a joint venture between India-based Aegis Logistics and Netherlands-headquartered Royal Vopak, launched its ₹2,800 crore IPO in India on May 24, 2025. The Maharashtra-based company is focused on bulk liquid and gas logistics and is executing a long-term ₹9,000 crore CAPEX plan, including infrastructure for alternative energy. The IPO, with a price band of ₹223–₹235 per share, received 0.06 times subscription by 12:51 PM on Day 1. Shares are trading at a ₹15 premium in the grey market, and major brokerages have assigned a ‘Subscribe’ rating.
Aegis Vopak Terminals Limited, a joint venture between Aegis Logistics Limited (India) and Royal Vopak (Netherlands), opened its much-anticipated ₹2,800 crore initial public offering (IPO) on May 24, 2025, aiming to fund ongoing and future infrastructure projects, including expansion in alternative energy.
Aegis Vopak Terminals is a leading provider of integrated bulk liquid and gas logistics infrastructure. The company operates in India’s energy storage sector and is implementing a major CAPEX plan called Project GATI, which is part of a broader ₹9,000 crore vision by 2030. This plan includes expansion into green ammonia, low-carbon hydrogen, sustainable fuels, and other renewable energy solutions.
IPO Subscription & Pricing Details
On the opening day, by 12:51 PM, the IPO was subscribed 0.06 times overall, with the retail portion at 0.12 times, QIBs at 0.07 times, and NIIs at 0.01 times. The price band is set at ₹223 to ₹235 per equity share, and the lot size is 63 shares. Retail investors can apply for up to 13 lots, requiring a maximum investment of ₹1,92,465.
The IPO will remain open until May 28, 2025, with shares expected to be listed on the NSE and BSE on June 2, 2025. The IPO registrar is Link Intime India Private Limited.
Grey Market & Analyst Ratings
Shares are reportedly trading at a ₹15 premium in the grey market.
Brokerages including Ventura Securities, BP Equities, Aditya Birla Money, Bajaj Financial Securities, Canara Bank Securities, and SBI Capital Securities have issued a ‘Subscribe’ rating, citing strong financials, long-term contracts, and predictable cash flows.
Ventura highlighted the high TTM P/E of 187.7, but noted the company’s planned foray into green ammonia and LPG capacity expansion as key long-term growth indicators.