Aegis Vopak Terminals IPO Analysis: Financials, Industry Trends & Long-Term Picks 📈 | Profit From It
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Aegis Vopak Terminals IPO Analysis: Financials, Industry Trends & Long-Term Picks 📈

Lesson 27/29 | Study Time: 10 Min



Issue Details 📑


ParameterDetails
Security TypeEquity
SymbolAEGISVOPAK
Issue Period26 May 2025 – 28 May 2025
Issue Size – No. of Shares6,90,58,296
Price Band₹223.00 – ₹235.00
Price-Band AdvertisementClick Here
Face Value₹10.00
Tick Size₹1.00
Market Lot63 shares
Minimum Bid Quantity63 shares
Maximum Bid Quantity for Qualified Institutional Investors (QII)69,058,269 shares
Maximum Bid Quantity for Non-Institutional Investors (NII)31,390,128 shares

1. Financial Performance (FY23–FY25 9M)

Period (₹ mn)RevenueYoY (%)PATPAT MarginRoERoCEBasic EPS¹
FY23 (Mar 31 ’23)3,533.32(0.75)–0.02%–0.01%5.26%
FY24 (Mar 31 ’24)5,617.6158.99%865.4415.18%8.68%8.39%1.00
9M FY24 (Dec 31 ’23)3,754.19337.028.85%4.76%7.07%0.39
9M FY25 (Dec 31 ’24)4,641.8123.64%858.9118.04%6.08%9.58%0.92

¹ EPS for 9M periods are not annualized


2. Prospectus Highlights & Use of Proceeds



  • Issue Size: Fresh issue up to ₹28,000 million (100% book-built)




  • Offer Mix: 75% QIB (incl. anchors), 15% NII, 10% Retail




  • Use of Proceeds (₹ mn)




    1. Repayment/prepayment of borrowings: 20,159.53




    2. Capex for Mangalore LPG terminal: 6,713.00




    3. General corporate purposes: ≤ 25% of gross proceeds (to be finalized)






3. Market Trends & Industry Analysis



  • Sector Growth: LPG & liquid-chemical storage growing ~15–20% CAGR on rising petrochemical output and LPG demand.




  • Competitive Edge: Average throughput turns ~85× vs. peers; backed by Aegis Logistics & Vopak’s global expertise .




4. Valuation vs. Peers (FY24)

CompanyP/E (x)RoE (%)Debt/Equity (x)
Aegis Vopak (basic)[●]8.68%2.59
JSW Infrastructure Ltd.49.0218.33%1.06
Adani Ports & SEZ Ltd.37.4816.31%0.85

Peer data as of Mar 31 ’24


5. Book-Runners & Anchor Dates



  • Lead Managers: ICICI Securities, BNP Paribas, IIFL, Jefferies, HDFC Bank




  • Registrar: MUFG Intime India Pvt Ltd.




  • Anchor Bidding: May 23 2025




  • Public Bids: May 26–28 2025




6. Lock-Up Periods & Key Risks



  • Promoter Lock-up: 90 days post-listing




  • Pre-IPO Shareholders: 180 days




  • Risks ⚠️




    • Ramp-up delays at new terminals




    • Commodity-price swings affecting margins




    • Regulatory approvals for expansions






7. KPI & Ratio Snapshot (FY24 vs. FY23)

KPIFY24FY23
Operating EBITDA Margin70.77%64.90%
EBITDA Margin71.19%65.16%
Net Debt/EBITDA (x)6.247.51
RoNW (Weighted)²3.75%(0.01%)

² RoNW weighted average for FY22–FY24

Sector Overview 🌐




  • Market Size & Growth: India’s LPG and liquid chemicals storage market is expanding at a ~15–20% CAGR, driven by rising petrochemical output, import/export flows and growing domestic LPG consumption.




  • Key Drivers:




    • Energy Transition: Increasing shift to cleaner fuels (LPG) bolsters terminal throughput.




    • Refinery & Petrochemical Capex: New refinery capacities and downstream expansions require additional storage.




    • Import Reliance: India imports ~45% of its crude and chemicals, necessitating robust storage infrastructure.






  • Regulatory Tailwinds: SEBI-mandated fuel-hub expansions and Port Authority incentives accelerate private-sector investments.






Companies Overview 💼




  • Aegis Vopak Terminals Ltd.




    • A 50:50 JV between Aegis Logistics and Royal Vopak (Netherlands), operating five LPG and liquid chemical terminals in India.




    • Strengths: High throughput turns (~85×), global operator expertise, strategic coastal locations (Jamnagar, Hazira, Mangalore).






  • Adani Ports & SEZ Ltd.




    • India’s largest port-based logistics provider with 12+ port terminals handling containers, liquid and dry bulk.




    • Scale: FY24 revenue ₹267,106 mn; RoNW 15.3%; P/E 37.5×.






  • JSW Infrastructure Ltd.




    • Operates multi-modal logistics: ports, terminals (liquid, dry bulk) and coastal shipping.




    • Scale: FY24 revenue ₹37,629 mn; RoNW 14.4%; P/E 49.0×.








Detailed Peer Comparison 📊


MetricAegis Vopak*Adani Ports & SEZJSW Infrastructure
Revenue (FY24, ₹ mn)5,617.61267,105.6037,628.90
P/E (×)[●]²37.4849.02
EV / Operating EBITDA (×)26.26 (avg)³21.56 (lowest)³30.97 (highest)³
Basic EPS (₹)1.0037.556.01
RoNW (%)7.51%15.32%14.40%
Net Asset Value (₹ per share)13.27245.1041.77

¹ Peer data sourced as of Mar 31 2024; P/E based on May 16 2025 closing prices

² To be finalized at Issue Price stage.

³ Industry peer EV/EBITDA: lowest (Adani Ports) 21.56×; highest (JSW Infra) 30.97×; average 26.26×


⚠️ Disclaimer


























This is for educational purposes only.

Piyush Patel

Piyush Patel

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