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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
Repaying or prepaying certain outstanding borrowings availed by the company.
Acquisition of cryogenic LPG terminal at Mangalore
Funding the contracted acquisition of a cryogenic LPG terminal at Mangalore.
General corporate purposes
The balance of the fresh issue proceeds applied toward general corporate purposes.
(₹ in Crore)
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Aegis Vopak Terminals Limited is a Gujarat-headquartered tank storage infrastructure company incorporated in 2013, formed as a joint venture between Aegis Logistics Limited and Vopak India B.V. It owns and operates terminals for storing liquefied petroleum gas and a range of liquid products including petroleum, chemicals, lubricants and vegetable oils, and is the largest third-party owner and operator of tank storage terminals in India, managing roughly a quarter of the country's third-party liquid storage capacity. The company runs 18 terminals across five major Indian ports, Haldia, Kochi, Mangalore, Pipavav and Kandla, with a combined capacity of about 1.50 million cubic metres for liquid products and 70,800 metric tonnes for LPG. Its promoter group brings deep sector expertise: Aegis Logistics is one of India's largest handlers of LPG imports, while Vopak India is part of Royal Vopak, a Netherlands-headquartered tank storage operator with more than four centuries of history and a global network spanning dozens of terminals across more than twenty countries. The company used its IPO, which was entirely a fresh issue, primarily to repay existing borrowings and fund the acquisition of a cryogenic LPG terminal at Mangalore, alongside general corporate purposes. It has a track record of paying substantial dividends in the years leading up to listing, reflecting steady cash generation from its long-term storage contracts.
The company raised about Rs 1,260 crore from anchor investors at the issue price of Rs 235 per share, with allocations to marquee international investors including SmallCap World Fund, American Funds, Aberdeen, Norway's Government Pension Fund Global and Goldman Sachs, alongside domestic institutions such as HDFC Mutual Fund, 360 ONE, Motilal Oswal Mutual Fund and Bandhan Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Market leadership in tank storage
The company is the largest third-party owner and operator of tank storage terminals in India, holding a meaningful share of the country's LPG and liquid storage capacity.
Backing from experienced global promoters
The joint venture brings together Aegis Logistics, one of India's largest LPG handlers, and Royal Vopak, a centuries-old global tank storage operator, combining local reach with international operating expertise.
Strategic port locations
Terminals positioned across major Indian ports give the company a strong footprint for handling a large share of the country's LPG and liquid product imports.
Consistent capacity expansion
A track record of adding storage capacity and upgrading infrastructure supports continued growth in throughput and revenue.
Strong dividend track record
The company has paid substantial dividends in recent years, reflecting steady cash generation from long-term storage arrangements.
Customer concentration
A large share of revenue comes from a small group of top customers, so losing any of them could materially affect results.
Joint-venture governance risk
As a joint venture between two large promoter groups, differences between the partners could create governance or strategic friction.
Hazardous-materials and site risk
Handling flammable and hazardous liquids and gases at port locations carries inherent safety and operational risk.
Aegis Vopak Terminals Limited
MUFG Intime India Private Limited
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Unrenewed lease exposure
Some terminal leases have expired and are pending renewal, creating uncertainty over continued access to those sites.
Insurance coverage gaps
Existing insurance may not fully cover all potential operational losses, leaving residual financial exposure.