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Aegis Vopak Terminals goes public in Mumbai with €2.7bn valuation

Royal Vopak’s Indian joint venture rose nearly 3% on its first trading day in Mumbai, reaching an implied valuation of €2.7bn ($2.93bn).
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Shares of Aegis Vopak Terminals Ltd (AVTL), a joint venture between Koninklijke Vopak NV and Aegis Logistics Ltd, increased by approximately 3% during its stock market debut in Mumbai. The stock was trading at INR242 ($2.83) at 0654 GMT, compared to its initial public offering (IPO) price of INR235 ($2.75), the top of the indicated range.

An operation valued at €2.7bn

According to Royal Vopak Chief Financial Officer Michiel Gilsing, the transaction gives AVTL an implied market capitalisation of €2.7bn ($2.93bn). The IPO aims to support the joint venture’s expansion projects, which span seven Indian ports. The company plans to invest in storage infrastructure for liquefied petroleum gas (LPG) and chemical products.

Vopak, headquartered in Rotterdam, holds a strategic stake in the entity, which is benefiting from India’s sustained economic growth. Vopak Chief Executive Officer Dick Richelle stated that the listing “strongly supports the company’s strategy to expand its portfolio of gas and industrial terminals”.

Immediate financial impact for Vopak

Analysts from KBC said the stock listing would allow AVTL to independently finance its growth while freeing up liquidity at Vopak Holding. This could enable resource reallocation to other expansion projects or generate additional returns for the parent company’s shareholders.

Vopak noted that the deal would result in an exceptional dilution gain estimated at around €110mn ($119mn), to be recorded in the second-quarter results. Vopak shares rose 1.8% in early Amsterdam trading following the announcement.

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