Aegis Vopak IPO sees 26% subscription on Day 1; QIBs lead with 39%

The initial public offer of Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, received a 26 per cent subscription on Monday, the first day of bidding.

The initial share sale received bids for 1,77,71,355 shares against 6,90,58,296 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) fetched 39 per cent subscription while the category for Retail Individual Investors (RIIs) got subscribed 19 per cent. Non-institutional investors part received a 3 per cent subscription.

Aegis Vopak Terminals has raised Rs 1,260 crore from anchor investors.

The issue, with a price band of Rs 223 to Rs 235 per share, will conclude on May 28.

The company is valued at around Rs 26,000 crore at the upper end of the price band.

The IPO is entirely a fresh issue of equity shares worth Rs 2,800 crore with no offer-for-sale (OFS) component, according to the red herring prospectus (RHP).

Proceeds worth Rs 2,016 crore will be used for payment of debt, Rs 671.30 crore to fund capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore and the remaining amount will be allocated for general corporate purposes.

Aegis Vopak Terminals owns and operates storage tank terminals across India. These terminals provide secure storage facilities for liquids like petroleum, vegetable oil, lubricants, chemicals, and gases such as LPG, propane, and butane.

ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India and HDFC Bank are the book running lead managers to the issue.