Share price of Aegis Vopak Terminals Ltd. closed at a 10% premium on their listing price on the National Stock Exchange, at Rs 242 per share. On the BSE, the scrip closed at a 9.98% premium.
The counter had listed at a 6% discount on the exchanges, which it reversed in intraday trade. The scrip rallied as much as 10% in Monday's trading session, and is stuck in the 10% upper circuit as of market close.
Aegis Vopak's IPO, which closed on May 28, was subscribed 2.09 times, with demand led by qualified institutional buyers.
"Despite strong institutional interest, retail and non-institutional investor participation was muted, with undersubscribed quotas—highlighting concerns over valuation, despite the company's solid fundamentals. This is reflected in today's listing," said Satish Chandra Aluri of Lemonn Markets Desk.
"Investors with a long term horizon may wait for further consolidation before entering given the solid expansion plans," he added.
The Rs 2,800-crore offering consisted entirely of a fresh issue of equity shares with no offer-for-sale component.
Aegis Vopak Terminals Business
As per the company's red herring prospectus, Aegis Vopak Terminals is India's largest third-party owner and operator of tank storage terminals for liquified petroleum gas and liquid products, based on storage capacity as of Dec. 31, 2024. The company operates a vast network of terminals with an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tonnes of static capacity for LPG.
Aegis Vopak Terminals claims to hold a leading position in the LPG storage sector in India, accounting for around 11.5% of the country's total static LPG storage capacity. In the liquid products segment, it is the largest third-party tank storage company, contributing approximately 25.53% of India's total third-party liquid storage capacity.
With a strategically diversified presence across five major ports on both the west and east coasts of India, Aegis Vopak Terminals plays a significant role in India's import infrastructure, its red herring prospectus said. These terminals collectively handle about 23% of the country's liquid imports and 61% of its total LPG imports.
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