The Aegis Vopak Terminals Limited (AVTL) Aegis Vopak Terminals Limited IPO is scheduled to open on May 26, 2025, and close on May 28, 2025. This IPO aims to raise approximately ₹3,500 crore through a fresh issue of shares. The price band has been set between ₹223 and ₹235 per equity share.
Aegis Vopak Terminals Limited IPO Dates
- Open Date: Monday, May 26, 2025
- Close Date: Wednesday, May 28, 2025
- Basis of Allotment: Thursday, May 29, 2025
- Initiation of Refunds: Friday, May 30, 2025
- Credit of Shares to Demat Accounts: Friday, May 30, 2025
- IPO Listing Date: Monday, June 2, 2025
Aegis Vopak Terminals Limited IPO Details
- Issue Size: Approximately ₹3,500 crore (Fresh Issue)
- Price Band: ₹223 to ₹235 per share
- Lot Size: 63 shares per lot
- Minimum Investment (Retail): ₹14,805 (1 lot)
- Maximum Investment (Retail): ₹192,465 (13 lots)
- Issue Type: Book Built Issue
- Listing Exchanges: BSE and NSE
Promoters of Aegis Vopak Terminals Limited
- Aegis Logistics Limited
- Huron Holdings Limited
- Trans Asia Petroleum INC
- Asia Infrastructure Investment Limited
- Vopak India B.V.
- Koninklijke Vopak N.V.
Aegis Vopak Terminals Limited (AVTL) is a joint venture between Aegis Logistics Limited and Vopak India B.V., a subsidiary of Koninklijke Vopak N.V. The company is set to launch its Initial Public Offering (IPO) to raise ₹3,500 crore through a fresh issue of shares.
Promoters and Shareholding Structure
As of March 31, 2024, the shareholding in AVTL is as follows:
- Aegis Logistics Limited: 82.00%
These two entities are the primary promoters of AVTL.
About the Promoters
Aegis Logistics Limited
Aegis Logistics Limited is an Indian company specializing in the logistics of oil, gas, and chemicals. It operates a network of terminals across various ports in India, providing storage and distribution services.
Vopak India B.V.
Vopak India B.V. is a subsidiary of Koninklijke Vopak N.V., a Dutch multinational company headquartered in Rotterdam. Vopak is a leading independent provider of tank storage for bulk liquids, including chemicals, oil, gases, and LNG. The company operates a global network of terminals and has a significant presence in the storage and handling of vital products worldwide.
The collaboration between Aegis Logistics and Vopak India B.V. combines local expertise with global best practices in storage and logistics, positioning AVTL as a significant player in India’s energy infrastructure sector.
Aegis Vopak Terminals Limited IPO Lot Size
The Aegis Vopak Terminals Limited (AVTL) Initial Public Offering (IPO) has a lot size of 63 shares per lot. This means that investors must apply for a minimum of one lot, which comprises 63 shares.
| Application | Lots | Shares | Amount |
| Retail (Minimum) | 1 | 63 | ₹14,805 |
| Retail (Maximum) | 13 | 819 | ₹1,92,465 |
| S-HNI (Minimum) | 14 | 882 | ₹2,07,270 |
| S-HNI (Maximum) | 67 | 4,221 | ₹9,91,935 |
| B-HNI (Minimum) | 68 | 4,284 | ₹10,06,740 |
Aegis Vopak Terminals Limited IPO Promoter Holding
As of March 31, 2024, the promoter and promoter group of Aegis Vopak Terminals Limited (AVTL) collectively held 97.41% of the company’s paid-up equity share capital. The detailed pre-issue shareholding is as follows:
| Shareholder | Number of Equity Shares Held | % of Pre-Issue Paid-Up Capital |
|---|---|---|
| Aegis Logistics Limited | 49,53,73,957 | 50.10% |
| Vopak India B.V. | 46,78,52,000 | 47.31% |
| Total | 96,32,25,957 | 97.41% |
Post-IPO, the promoter and promoter group’s shareholding is expected to reduce to 86.93%. This reduction is due to the issuance of new shares in the IPO, which will dilute the existing shareholding.
About Aegis Vopak Terminals Limited
Aegis Vopak Terminals Limited (AVTL) is India’s largest independent third-party owner and operator of tank storage terminals for liquefied petroleum gas (LPG) and liquid products. Established in 2013, AVTL is a strategic joint venture between Aegis Logistics Limited of India and Royal Vopak of the Netherlands.
The company operates a network of 20 state-of-the-art tank terminals across six key Indian ports: Kandla, Pipavav, Mangalore (upcoming), Kochi, Haldia, and JNPT (upcoming). These terminals have a combined storage capacity of approximately 1.7 million cubic meters for liquid products and 201,000 metric tons for LPG.
AVTL specializes in the storage and handling of over 40 diverse products, including petroleum, chemicals, gases, bitumen, and vegetable oils. The company’s infrastructure includes product tanks, jetty connectivity, truck loading stations, and pipelines, ensuring efficient logistics solutions.
AVTL adheres to the highest standards in health, safety, and environmental practices, aligning with India’s transition to more sustainable energies.
As of June 30, 2024, AVTL’s terminals handle approximately 23% of India’s liquid import volumes and 61% of LPG import volumes.
In 2025, AVTL plans to raise ₹3,500 crore through an Initial Public Offering (IPO) to fund debt repayment, capital expenditure for acquiring a cryogenic LPG terminal at Mangalore, and general corporate purposes.
Aegis Vopak Terminals Limited Financial Information
Here is a detailed overview of Aegis Vopak Terminals Limited (AVTL) financial performance for the fiscal years 2022 to 2024, along with key financial metrics:
Company Financials
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | Mar 31 2023 | 31 Mar 2022 |
| Assets | ₹4,483.41 Crore | ₹4,523.40 Crore | ₹3,481.48 Crore | ₹102.56 Crore |
| Revenue | ₹156.37 Crore | ₹570.12 Crore | ₹355.99 Crore | 0.00 |
| Profit After Tax | ₹25.78 Crore | ₹86.54 Crore | ₹-0.08 Crore | ₹-1.09 Crore |
| Net Worth | ₹1,177.40 Crore | ₹1,151.94 Crore | ₹1,098.20 Crore | ₹-0.53 Crore |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | ₹2,584.18 Crore | ₹2,586.42 Crore | ₹1,745.17 Crore | ₹98.10 Crore |
Key Performance Indicator (KPI)
Here is a table summarizing the Key Performance Indicators (KPIs) of Aegis Vopak Terminals Limited (AVTL) based on the latest available data (up to FY24 and Q1 FY25):
| KPI | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue (₹ crore) | 0.00 | 355.99 | 570.12 | 156.37 |
| EBITDA (₹ crore) | -1.09 | 232.07 | 406.00 | N/A |
| EBITDA Margin (%) | N/A | 65.16% | 71.19% | N/A |
| Profit After Tax (₹ crore) | -1.09 | 0.08 | 86.54 | 25.78 |
| PAT Margin (%) | N/A | 0.02% | 15.18% | 16.49% |
| Earnings Per Share (EPS) (₹) | -0.01 | 0.00 | 1.00 | N/A |
| Return on Net Worth (RoNW) (%) | N/A | 0.01% | 7.51% | N/A |
| Net Asset Value (NAV) per share (₹) | N/A | N/A | 13.27 | N/A |
| Total Debt (₹ crore) | N/A | N/A | ₹2,546.7 (as of Sep 2024) | N/A |
Highlights
- The company’s revenue grew by over 60% YoY from FY23 to FY24.
- EBITDA margin improved from 65.16% to 71.19%, showing strong operational efficiency.
- A sharp turnaround in profitability: from near break-even in FY23 to ₹86.54 crore PAT in FY24.
- High RoNW of 7.51% in FY24 indicates improving returns for shareholders.
- Debt will be reduced significantly using IPO proceeds of ₹3,500 crore.
Objects of the Issue (Aegis Vopak Terminals Limited IPO)
1) Repayment or Prepayment of Outstanding Borrowings
- AVTL intends to allocate approximately ₹2,027.18 crore towards repaying or prepaying certain outstanding borrowings. This strategic move aims to reduce the company’s debt burden and enhance its financial stability.
2) Funding Capital Expenditure for Cryogenic LPG Terminal Acquisition
- An estimated ₹671.3 crore is earmarked for capital expenditure related to the contracted acquisition of a cryogenic LPG terminal located in Mangalore. This acquisition is anticipated to expand AVTL’s storage capacity and strengthen its position in the LPG storage sector.
3) General Corporate Purposes
- The remaining funds will be utilized for general corporate purposes, which may include working capital requirements, operational expenses, and other strategic initiatives to support the company’s growth and expansion plans.
These allocations are designed to bolster AVTL’s infrastructure, reduce financial liabilities, and support its long-term strategic objectives in the energy storage and logistics sector.
Strengths of Aegis Vopak Terminals Limited IPO
- Market Leadership in Tank Storage: AVTL is India’s largest third-party owner and operator of liquefied petroleum gas (LPG) and liquid products. As of June 30, 2024, it held approximately 26.64% of India’s third-party liquid storage capacity and 11.93% of the national static LPG capacity .
- Strategic Terminal Network: The company operates a diversified network of terminals across five key ports in India, handling approximately 23% of liquid and 61% of total LPG import volumes. This extensive infrastructure positions AVTL to capitalize on India’s growing energy demands .
- Strong Financial Performance: AVTL has demonstrated significant growth, with revenue increasing from ₹355.99 crore in FY23 to ₹570.12 crore in FY24. The company reported a profit after tax of ₹86.54 crore in FY24, a substantial turnaround from a marginal profit in FY23 .
- Experienced Promoters: The company benefits from the expertise of its promoters, Aegis Logistics Limited and Vopak India B.V., both of which bring extensive experience in logistics and tank storage operations, enhancing AVTL’s operational capabilities .
- IPO Proceeds Utilization: The funds raised through the IPO are intended for strategic purposes, including debt repayment, funding capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore, and general corporate purposes.
Risks of Aegis Vopak Terminals Limited IPO
- Geographic Revenue Concentration: The majority of AVTL’s terminals are located on the west coast of India. In FY24, approximately 93.97% of the company’s revenue was generated from these regions. Any adverse developments in these areas, such as natural disasters or regulatory changes, could significantly affect the company’s operations .
- Sectoral Dependence: A substantial portion of AVTL’s revenue is linked to the oil and gas sector. In FY24, approximately 42.47% of the company’s revenue was derived from customers in this sector. Any downturns or regulatory changes in the oil and gas industry could adversely impact AVTL’s business .
- Capital-Intensive Nature of Operations: The tank storage industry is capital-intensive, requiring significant investment in infrastructure and maintenance. AVTL’s ability to manage and finance these capital expenditures effectively is crucial to its long-term profitability and growth.
- Market Volatility: The performance of AVTL’s stock post-listing will be subject to market conditions and investor sentiment. Volatility in the stock market could affect the company’s share price and investor returns.
Conclusion
The AVTL IPO presents an opportunity to invest in a leading player in India’s tank storage sector, backed by strong promoters and a strategic infrastructure network. However, potential investors should consider the risks related to customer and geographic concentration, sectoral dependence, and the capital-intensive nature of the business. It’s advisable to assess these factors in alignment with individual investment goals and risk tolerance before making an investment decision.
Aegis Vopak Terminals Limited Contact Details
Corporate Office
- Address:
1202, Tower B, Peninsula Business Park,
G.K. Marg, Lower Parel West,
Mumbai – 400013, Maharashtra, India - Phone: +91 22 4193 6666
- Email: avtlteam@aegisvopak.com
- Website: www.aegisvopak.com
Registered Office
- Address:
502, Skylon, G.I.D.C., Char Rasta,
Vapi, Valsad – 396195, Gujarat, India - Phone: +91 22 4193 6666
- Email: secretarial@aegisindia.com
Key Contacts
Shailendra Upadhyay
- Email: shailendra.upadhyay@aegisindia.com
- Phone: +91 77382 84863
Nishant Choudhary
- Email: nishant.choudhary@vopak.com
- Phone: +91 82918 46788
Gaurav Dalvi
- Email: Gaurav.Dalvi@vopak.com
- Phone: +91 82919 49918
Aegis Vopak Terminals Limited IPO Registrar
MUFG Intime India Private Limited
- Address:
C-101, 1st Floor, 247 Park,
L.B.S. Marg, Vikhroli (West),
Mumbai – 400 083, Maharashtra, India - Phone: +91 810 811 4949
- Email: ipo.helpdesk@linkintime.co.in
- Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
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