| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 233 to ₹ 235 | 63 | 26th May, 2025 – 28th May, 2025 | ₹2,800.00 Cr |
Aegis Vopak Terminals IPO
Aegis Vopak Terminals is the largest Indian third-party owner and operator of tank storage terminals for LPG and liquid products in terms of storage capacity as of December 31, 2024 (Source: CRISIL Report). The company is critical in India’s oil, gas, and chemical logistics ecosystem by offering integrated and secure storage solutions for various products, including petroleum derivatives, vegetable oils, lubricants, chemicals, and gases such as LPG (propane and butane). The company operates a robust network of tank terminals with an aggregate storage capacity of ~1.50 mn cubic meters for liquid products and 70,800 MT of static capacity for LPG. Within the LPG storage segment, Aegis Vopak Terminals accounts for ~11.5% of India’s total national static LPG storage capacity, making it the largest player in the country. It commands a ~25.53% share of India’s third-party liquid storage capacity in the liquid storage domain, reinforcing its market leadership. The company’s strategically located terminals span five key ports on India’s east and west coasts. These ports collectively handle ~23% of the country’s liquid import volumes and a significant ~61% of LPG import volumes, underscoring the importance of Aegis Vopak’s infrastructure in supporting national energy logistics. Each terminal has advanced infrastructure, including product storage tanks, jetty-connected self-owned pipelines, firefighting systems, ship loading/unloading capabilities, and multimodal evacuation systems via rail, road, ship, and pipelines. This end-to-end setup ensures efficient and safe handling of products across the supply chain. Aegis Vopak Terminals is a JV between Aegis Logistics Ltd., a listed Indian conglomerate, and Vopak India BV, a subsidiary of Royal Vopak, a global leader in tank storage. Aegis brings strong domestic capabilities and is India’s largest third-party LPG handler, accounting for over 20% of India’s LPG imports as of December 31, 2024. It also operates a 275,000 cubic metre liquid terminal and a 21,000 MT cryogenic LPG terminal in Mumbai, capable of handling 1.5 MMTPA – —the JV benefits from both promoters’ deep domain expertise and global best practices. Aegis Vopak’s strategic vision is anchored in safety and reliable execution, enabling it to grow through diversification into emerging product categories, such as new gases and specialty chemicals.
Objective of the Aegis Vopak Terminasl IPO
The Company proposes to utilise the Net Proceeds from the issue towards the following objects:
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company;
- Funding capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangalore; and
- General corporate purposes.
Rationale To Aegis Vopak Terminasl IPO
Dominant third-party owner with tank storage terminals for LPG and liquid products
The company has established itself as the largest third-party owner and operator of tank storage terminals for LPG and liquid products in India, both in terms of storage capacity. As of December 31, 2024, the company commands ~11.5% of the country’s total static LPG storage capacity and 25.5% of India’s third-party liquid storage capacity, underscoring its dominant position in the bulk storage infrastructure space. The company operates an extensive network of terminals with an aggregate storage capacity of ~1.50 million cubic meters for liquid products and 70,800 metric tons for LPG. These assets offer secure, long-term storage infrastructure with tanks designed for a service life of ~40 years. The facilities are capable of handling more than 40 different complex and critical products, including petrochemicals, specialized chemicals, lubricants, and LPG, offering substantial diversification benefits. They own and operate two LPG storage terminals across two Indian ports and 18 liquid storage terminals across six Indian ports. These terminals have robust infrastructure such as firefighting systems, jetty-connected pipelines, ship loading and unloading platforms, and multimodal evacuation facilities via road, rail, ship, and pipelines. Aegis Vopak’s strategic locations provide the advantage of leveraging market opportunities to store LPG and liquid products. Furthermore, recent additions to terminal capacity post-December 2024 are expected to enhance the company’s overall storage footprint, positioning it for further growth. Developing niche product portfolios in a short span also reflects operational agility and a sharp focus on high-margin segments, likely to support healthy financial performance in the medium to long term.
Proven track record of capacity expansion with upgrading infrastructure
The company has demonstrated a consistent track record of expanding its storage capacity and advanced infrastructure, reinforcing its position as a leading player in India’s bulk liquid and gas storage sector. The company leverages the strong project execution capabilities of one of its promoters, Aegis Logistics, which brings significant expertise in cost-effective material procurement, construction strategy, and timely execution of tank terminal projects. Aegis assumes responsibility for construction activities executed at arm’s length, allowing Aegis Vopak to avoid construction-related risks and focus entirely on efficient terminal operations. This model ensures capital efficiency and operational focus while maintaining a high-quality asset base. The company’s infrastructure growth has been supported by cumulative capital expenditure of ~ Rs. 47 bn over the past 3-4 years. These investments reflect the company’s commitment to enhancing capacity and automation while maintaining safety and efficiency standards. The company’s LPG infrastructure consists of the Kandla Terminal, with a static capacity of 48,000 MT, capable of handling a throughput of over 4 MMTPA, and the Pipavav Terminal, with a pressurized storage capacity of 22,800 MT and throughput capability of over 2 MMTPA. On the liquid storage front, the company handled 5.43 MMT of bulk liquids in FY24, aided by high-grade infrastructure such as stainless-steel tanks, specialized jetty pipelines, inner tank coatings, tank heating and chilling systems, nitrogen blanketing, and vapour treatment facilities. These systems enable safe and loss-minimized storage of hazardous, flammable, volatile, and viscous products. Aegis Vopak has developed extensive infrastructure to ensure seamless evacuation and logistics, including jetty-connected pipelines, rail gantries, over 100 loading bays, and a dedicated rail siding at the Kandla terminal for dispatching vegetable oils. The company’s ability to handle a broad range of critical products, aided by continuous infrastructure enhancement, positions it to capitalize on the growing demand for secure, reliable storage solutions in India’s expanding energy and chemicals sector.
Valuation of Aegis Vopak Terminals IPO
Aegis Vopak Terminals Ltd., a JV between India’s Aegis Logistics and Netherlands-based Royal Vopak, is India’s largest third-party operator of tank storage terminals for LPG and liquid products. With a diversified portfolio spanning key coastal locations and a strategic focus on safety, sustainability, and scalability, the company plays a vital role in India’s energy and chemical logistics infrastructure. The company has also leveraged its promoter Aegis’ five decades of industry expertise to inherit and expand long-standing customer relationships, building a diverse base of over 400 clients, including major national OMCs. With strategic locations complementing Aegis, the company continues serving inherited clients while securing new business across traders, end users, manufacturers, and fuel marketing firms in private, public, and international sectors. This broad diversification strengthens market flexibility and fuels long-term growth in India’s evolving energy and chemical storage industry. The company’s proven track record in capacity expansion and infrastructure upgrades positions it well to meet the changing liquid and gas storage needs. Leveraging the expertise of pPromoter Aegis, the company benefits from a cost-effective procurement network, strategic contracting, and robust construction and execution capabilities to expand and enhance its tank storage capacity. On the financial front, the company has demonstrated stable financial performance over the last three financial years, aided by its annuity-like business model and long-term customer contracts. The company has managed debt levels, indicating strong financial flexibility to support its expansion plans under project GATI. The company’s asset-heavy model and predictable cash flows from storage contracts provide visibility in earnings, making it well-positioned for future growth. The issue is valued at a P/E of 198.0x on the upper price band based on FY25 earnings. Therefore, we recommend a SUBSCRIBE rating for the issue.
1. What is the Aegis Vopak Terminals Limited IPO?
Aegis Vopak Terminals IPO is a book built issue of Rs 2,800.00 crores. The issue is entirely a fresh issue of 2,800.00 crore shares. Aegis Vopak Terminals bidding opened for subscription on May 26, 2025 and will close on May 28, 2025. The allotment for the Aegis Vopak Terminals IPO is expected to be finalized on Thrusday, May 29, 2025. Aegis Vopak Terminals will list on BSE, NSE with tentative listing date fixed as Monday, 02, June 2025.
How to apply for the Aegis Vopak Terminals IPO through StoxBox?
To apply for the Schloss Banglore Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Aegis Vopak Terminals IPO open?
Schloss Banglore Limited IPO is opening on 26th May 2025.
What is the lot size of the Aegis Vopak TerminalsIPO?
The Lot Size of Schloss Banglore Limited IPO is 63 equity shares.
When is the Aegis Vopak Terminals IPO allotment date?
The allotment Date for Aegis Vopak Terminals IPO is 29th May 2025.
When is the Aegis Vopak Terminals IPO listing date?
The listing Date for Aegis Vopak Terminals IPO is 2nd Jun 2025.
What are the risks associated with investing in the Aegis Vopak Terminals IPO?
Key Risks:
- The company operates in a highly regulated sector involving hazardous and flammable materials like LPG and chemicals. Any change in environmental laws, safety norms, or port regulations could increase compliance costs. Delays or inability to obtain environmental and port approvals may affect project execution timelines.
- As a joint venture between Aegis Logistics and Royal Vopak, the company’s strategic decisions rely on coordination. Any changes in the promoter relationship or conflicting strategic interests could impact decision-making and long-term plans.
- The company derives much of its revenue from a few major clients. Any termination, non-renewal, or renegotiation of these long-term contracts could adversely affect the company’s cash flows and profitability.
When will the Aegis Vopak Terminals IPO shares be credited to my Demat account?
Credit of Shares to demat account date is Fri, 30 May 2025
What is the Minimum amount investing in the Aegis Vopak Terminals IPO?
The minimum investment amount for retail investors in the Schloss Banglore Limited IPO is ₹14,805.
When will Aegis Vopak Terminals IPO shares be credited to my Demat account?
The Aegis Vopak Terminals IPO be credited to the account on allotment date which is 30th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html
What are the important dates related to Aegis Vopak Terminals IPO?
| IPO Open Date | Mon, May 26, 2025 |
| IPO Close Date | Wed, May 28, 2025 |
| Basis of Allotment | Thu, May 29. 2025 |
| Initiation of Refunds | Fri, May 30, 2025 |
| Credit of Shares to Demat | Fri, May 30, 2025 |
| Listing Date | Mon, Jun 2 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri 28 May, 2025 |
