Aegis Vopak Terminals' shares commenced trading on the stock exchanges (BSE and NSE) on Monday, June 2, 2025. The stock listed at Rs 220, representing a 6.4% discount compared to its IPO upper price band of Rs 235. This debut was below what the grey market had indicated, as the grey market premium (GMP) for the company stood at Rs -1, suggesting a potential listing price around Rs 234.

The Rs 2,800 crore Initial Public Offering (IPO) of Aegis Vopak Terminals elicited moderate interest from the investment community. Overall, the issue was subscribed 2.09 times, with bids received for 14.43 crore shares against the 6.90 crore shares available in the portion used for this subscription calculation. The IPO itself consisted entirely of a fresh issue of approximately 11.91 crore shares. Demand was notably more robust from qualified institutional buyers (QIBs), whose allocated portion was subscribed 4.34 times. Conversely, participation from retail investors and high-net-worth individuals (HNIs) was relatively muted, with their respective segments subscribed 0.70 times and 0.32 times.

Aegis Vopak Terminals operates as a joint venture between Aegis Logistics and Royal Vopak of the Netherlands, playing a significant role in India's energy logistics infrastructure. The company manages LPG and liquid storage terminals situated at five key Indian ports: Haldia, Kochi, Mangalore, Pipavav, and Kandla. These facilities possess a combined storage capacity of 1.50 million cubic meters for liquids and 70,800 metric tonnes for LPG, handling a diverse range of products such as petroleum, chemicals, edible oils, and industrial gases.

Regarding its financial performance, for the nine-month period ending December 2024, Aegis Vopak Terminals reported a net profit of Rs 85.89 crore on total revenue of Rs 476.15 crore. The company's financial indicators included a return on equity (RoE) of 8.68% and a profit after tax (PAT) margin of 15.18%, reflecting sound operational efficiency during that period.

The capital raised through the IPO is intended for several strategic objectives. These include the repayment of existing financial obligations, financing the acquisition of a cryogenic LPG terminal in Mangalore, and covering general corporate expenses. This allocation of funds is aimed at bolstering the company's financial standing and facilitating its expansion initiatives.

Despite the company's strong underlying business fundamentals and positive long-term prospects, the near-zero GMP and the discounted listing price indicate a cautious short-term sentiment among investors. The subdued enthusiasm from non-institutional investors was particularly noted. Market participants will now closely monitor the stock's performance in the secondary market to assess its ability to hold its issue price and generate upward momentum post-listing.