Aegis Logistics subsidiary AEGIS Vopak Terminals LTD shares will be listed on stock exchanges on Monday, June 3. The company received a total subscription of 2.09 times on the company’s upper price band of ₹ 235 per share. However, there was a weak response from retail and non-institutional category.
The company’s IPO received bids for 14.43 crore shares against 6.90 crore shares. The subscription in the QIB category was 3.30 times. At the same time, 77% subscription was recorded in retail category and 56% from non-institutional investors.
Earlier, the company had raised ₹ 1,260 crore from anchor investors. The price band of the issue was fixed at ₹ 223 – ₹ 235 per share.
Status and valuation of the company
Aegis Vopak Terminals is India’s largest third-party liquid and LPG storage terminal operator, which holds 25.53% in the country’s third-party liquid storage capacity.
However, market analysts have expressed vigilance over the company’s valuation. The company’s PE ratio is said to be 235x and EV/Ebitda 57X on the estimated figures of FY25. PE ratio reaches 301x based on FY24. After the listing, the market cap of Aegis Vopak is estimated to be ₹ 26,037.8 crore.
What is the opinion of analysts?
Narendra Solanki of Anand Rathi Wealth said, “The company’s operational efficiency is strong and future capacity expansion plans are also clear. However, in view of the current valuation, the faster on Listing Day may be limited. Views are positive for the long term. We advise it to subscribe for the long term.”
Mahesh Ojha of Henesx Securities also expressed caution about the listing gains. He said, “The company’s strategic role is important in India’s energy infrastructure. But, the listing gains may be limited. Short term investors should be cautious,” he said. He has advised to hold the allotted shares instead of new shopping on the day of listing.
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