Aegis Vopak Terminals Limited is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas ('LPG') and liquid products in terms of storage capacity, as of 31.12.24. They own and operate a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons ('MT') of static capacity for LPG as of 31.12.24, and offer secure storage facilities and associated infrastructure for liquids such as petroleum, vegetable oil, lubricants, and various categories of chemicals and gases such as LPG (including propane and butane). In terms of storage of liquid products, they are the largest third-party tank storage company in India, contributing to approximately 25.53% of India's third-party liquid storage capacity as of 31.12.24. As of 31.12.24, they have a diversified network of terminals spread strategically across five key ports in operation on the West and East coast of India. These key ports together handle approximately 23.00% of liquid and 61.00% of total LPG import volumes in India. At these terminals, they own and operate facilities for different functions including product storage tanks, firefighting facilities, self-owned pipelines connected to jetty, ship loading and unloading infrastructure, as well as infrastructure for product evacuation by ship, rail, road and pipelines. Company was established as a joint venture between Aegis Logistics Limited ('Aegis') and Vopak India BV, a part of Royal Vopak ('Royal Vopak'). One of the Promoters, Aegis, is a listed Indian conglomerate providing sourcing, storage, distribution, storage and third-party logistics services in the oil, gas, and chemicals sector. The other Promoter, Vopak India BV, is part of Royal Vopak, a listed company headquartered in the Netherlands and is among the world's leading tank storage companies, with an experience of over 400 years in the storage industry. Royal Vopak has a network of 77 terminals in 23 countries with an aggregate storage capacity of approximately 35.40 million cubic meters as of December 31, 2024 along major trade routes. Company currently owns and operates two LPG storage terminals across two Indian ports, and 18 liquid storage terminals across six Indian ports, where they handle coastal movement of goods along with imports and exports. The terminals, located in the ports of Haldia, West Bengal, Kochi, Kerala, Mangalore, Karnataka, Pipavav, Gujarat, Kandla, Gujarat, and Navi Mumbai, Maharashtra have an aggregate storage capacity of approximately 1.68 million cubic meters for liquid products and 70,800 MT of static capacity for LPG. To add to the sizeable operations, the ongoing capacity expansion at New Mangalore in Karnataka and Pipavav in Gujarat is expected to increase the LPG storage capacity by 130,000 MT during Fiscal 2026, leading to LPG storage capacity of 200,800 MT. Further, they have recently expanded the storage capacity for liquid products by approximately 101,900 cubic meters at JNPA in Navi Mumbai, Maharashtra. In Fiscal 2022, 2023 and 2024 and nine months ended December 31, 2024, the LPG throughput aggregated to nil, 0.86 MMTPA, 1.59 MMTPA, and 1.27 MMTPA, respectively. As per financial performance, Aegis Vopak Terminals Limited has posted total income / net profits of Rs 355.99 Cr / (0.08) Cr (FY23), Rs 570.12 Cr / Rs 86.54 Cr (FY24) and Rs 476.15 Cr / 85.89 Cr (Q3 FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 0.45 and average RoNW of 7.51% for last three fiscals. Issue is priced at a P/BV of 11.40 as per NAV of Rs 20.61/- as on 31.12.24. If we attribute latest earnings of FY23, FY24, TTM and annualised FY25 on equity post issue, then asking price is at a P/E of around NA, 308.95, 192.73 and 233.47 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, five lead managers ICICI Securities Limited, BNP Paribas, IIFL Capital Services Limited, Jefferies India Private Limited, HDFC Bank Limited are associated with this IPO, and have handled 86 IPOs in last three fiscals. ( As on 21.05.25 ) As per financials, Aegis Vopak Terminals Limited has shown good growth, RoNW is 7.51% and P/E is NA, 308.95, 192.73 and 233.47 respectively as per FY23, FY24, TTM and annualised FY25 earnings. So issue looks aggressively priced when compared with peers. Company is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas ('LPG') and liquid products in terms of storage capacity, as of 31.12.24. So, we give "NEUTRTAL" rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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