Aegis Vopak Terminals Limited (AVTL) is India’s leading third-party owner and operator of tank storage terminals for LPG and liquid products. It builds, owns, and operates storage facilities for LPG, propane, butane, petroleum, chemicals, vegetable oils, and lubricants. It operates two LPG terminals at two ports and 18 liquid terminals across six ports. Its facilities feature jetty-connected pipelines, ship loading systems, firefighting units, and multimodal evacuation via road, rail, ship, and pipeline. Strategically located at ports handling  23% of India’s liquid imports and 61% of LPG imports, it plays a key role in supporting the country’s energy and industrial supply chains.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

• India’s Largest Third-Party Owner and Operator of Tank Storage Terminals for LPG and Liquid Products.
• Relationships with Diversified Customer Base with over 400 customers including major national OMCs.
• Backed by established promoters and Supported by a Strong Management Team.
• Strategically Located Necklace of Terminals across the Indian Coast.

• Offer for Sale.
• To provide liquidity and a public market for the equity shares in India.
• Repayment/pre-payment of existing loan worth around 2100 crs.
• Funding Capital Expenditures of about Rs. 613 crs.
• General corporate purposes.

The Company operates in niche segment, transporting LPG and LNG through containers. At the upper band price of INR 235, the company is expected to list at P/B of 17.7 and P/E of 258.24, which is relatively very costly than peer companies. So, we maintain our “Neutral” instance for subscribing the IPO.