India-based Aegis Vopak Terminals, headquartered in Maharashtra, has received final approval from the Securities and Exchange Board of India (SEBI) to raise ₹3,500 crore through an IPO. The company, known for operating the country’s largest third-party storage terminals for LPG and liquid products, will use the funds to repay loans and invest in infrastructure expansion.
Aegis Vopak Terminals Limited, based in Maharashtra, India, has received final observation from the Securities and Exchange Board of India (SEBI), clearing the way for the launch of its ₹3,500 crore initial public offering (IPO). The company had submitted its draft red herring prospectus (DRHP) on November 18, 2024.
Aegis Vopak Terminals is India’s largest third-party operator of storage terminals for liquefied petroleum gas (LPG) and other liquid products, with a total capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons for static LPG capacity, as of June 30, 2024. The company plays a key role in the country’s energy logistics, providing critical infrastructure for petroleum, chemicals, vegetable oils, and gases including propane and butane.
As outlined in the DRHP, the company’s listed peers include Adani Ports and SEZ Ltd (P/E 33.68) and JSW Infrastructure Ltd (P/E 49.42). The IPO consists of a fresh issue of equity shares with a face value of ₹10 each, amounting to ₹3,500 crore, subject to market conditions and regulatory approvals.
Proceeds from the IPO will be directed toward repaying certain loans, financing capital expenditure for the acquisition of a cryogenic LPG terminal in Mangalore, and for general corporate purposes.
The issue is being managed by leading investment banks, including ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, and HDFC Bank.
