Inside Aegis Vopak Terminals’ ₹2,800 Cr IPO: Strategy, Capex, And Market Outlook

In this exclusive interview, Mr Murad Moledina, Non-Executive Director at Aegis Vopak Terminals Ltd, offers a comprehensive overview of the company's upcoming IPO, which aims to raise approximately ₹2,800 crore at a price band of ₹223–₹235 per share. The issue opens from 26th to 28th May and is expected to list by 2nd June. Mr Moledina explains that the proceeds from this issue will be used to fully repay ₹2,016 crore in bank borrowings, fund ₹671 crore in capital expenditure for cryogenic LPG storage terminals at Mangalore, and cover general corporate purposes. With no offer for sale component, the entire raise will benefit the company directly.

The company currently operates terminals across six ports with storage capabilities of 1.7 million kilolitres for liquids and 5.6 million tonnes for LPG, soon expanding to 15.6 million tonnes with two new cryogenic facilities. Mr Moledina highlights strong long-term contracts with national and international clients, robust EBITDA margins of 74% as of December 2024, and an annual interest cost saving of ₹150 crore expected post-debt repayment. He also clarifies that Aegis Vopak’s revenue is not linked to commodity prices but driven by capacity utilisation and long-term fixed-rate contracts. With LPG import growth in India at 10–15% annually and a high rate of repeat customers, the company is positioned for stable growth.