Aegis Vopak Terminals IPO Closes with 2.11x Bids, But GMP Disappoints; All Eyes on Listing Ahead

Aegis Vopak Terminals Limited IPO closed today after decent investor interest, with the issue being subscribed 2.11 times overall on the final bidding day on May 28. The Rs 2,800 crore IPO, which opened for subscription on May 26, saw stronger participation from qualified institutional buyers, but the retail and NII categories remained relatively subdued.

Aegis Vopak Terminals IPO Subscription Status

On the third day, the Aegis Vopak Terminals IPO was subscribed to 2.11 times overall, driven largely by strong demand from institutional investors. The Qualified Institutional Buyers (QIB) portion saw good interest, getting subscribed to 3.37 times. However, the response from retail investors remained moderate, with a subscription of 0.72 times, while the Non-Institutional Investors (NII) segment was subscribed just 0.50 times.

Aegis Vopak Terminals IPO GMP Trend

As per the latest data updated at 1:54 PM on May 28, the IPO's grey market premium stands at just Rs. 1, suggesting a flat listing ahead. The estimated listing price for the Aegis Vopak Terminals IPO is expected to be around Rs. 236 with a marginal 0.43% gain per share.

Key Highlights of Aegis Vopak Terminals IPO

The Rs 2,800 crore initial public offering of Aegis Vopak Terminals comprises a total fresh issue of 11.91 crore equity shares.
The IPO was open for bidding between May 26 and May 28, 2025, with a price range set between Rs. 223 and Rs. 235 per share. Investors looking to participate at the retail level were required to apply for a minimum of 63 shares, translating to an investment of Rs.14,049 at the lower end.

The allotment of shares is likely to be finalised tomorrow, i.e., May 29, and the stock is expected to debut on the BSE and NSE on June 2nd.

Analysts on Aegis Vopak Terminal's IPO

In its latest report, Nirmal Bang Securities has offered a 'Neutral' rating on the Aegis Vopak Terminals Limited (AVTL) IPO. According to the broking, AVTL operates in a niche and scalable segment involving storage terminals for LPG and liquid products at strategic port locations, which provides it with a competitive edge. One of the company's key strengths is its impressive 94% customer retention rate, driven by long-term contracts that help ensure predictable and stable cash flows over time.

However, despite these positives, the broking has expressed concerns about the steep valuations. At an enterprise value to EBITDA (EV/EBITDA) ratio of 60x and a price-to-earnings (P/E) multiple of 258x based on annualised FY25 earnings, the stock appears richly priced compared to industry peers. As a result, the firm has opted for a 'Neutral' recommendation.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.