APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Aegis Vopak Terminals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-vopak-terminals-ltd" target="_blank" data-smartkarma-citation="entities:44115:1" rel="noopener">Aegis Vopak Terminals Ltd (1902844D IN)</a>  is looking to raise about US$328m in its upcoming India IPO.</li>
<li>It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.</li>
<li>In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN)  is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.


Aegis Vopak Pre-IPO: Expensive Related to Peers

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-logistics-ltd" target="_blank" data-smartkarma-citation="entities:2478:1" rel="noopener">Aegis Logistics (AGIS IN)</a>  or ALL is an integrated logistics and supply chains provider to the oil, gas, petroleum and chemical players. </li>
<li>The company is currently on a capex spree, after joining hands with Royal Vopak to augment its terminals business.</li>
<li>While the business possesses good cash conversion, one should be bothered by some doubtful accounting with respect to capitalization policy, receivable provisioning, etc which might have beneficial impact on bottom-line.</li>
</ul>



Aegis Logistics (AGIS IN)  or ALL is an integrated logistics and supply chains provider to the oil, gas, petroleum and chemical players. 
The company is currently on a capex spree, after joining hands with Royal Vopak to augment its terminals business.
While the business possesses good cash conversion, one should be bothered by some doubtful accounting with respect to capitalization policy, receivable provisioning, etc which might have beneficial impact on bottom-line.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>Aegis Logistics is India’s leading logistics player in Liquified Petroleum Gas (LPG/Propane) and Chemicals.</li>
<li>It has demonstrated a stellar track record over past decade, delivering a 25% CAGR in EBITDA and Net profit, along with a 28% CAGR in dividend payouts.</li>
<li>Given the strength of its partnership with Vopak and various capital expenditure lined up in medium term, it should continue to deliver robust operational and financial performance.</li>
</ul>


Aegis Logistics is India’s leading logistics player in Liquified Petroleum Gas (LPG/Propane) and Chemicals.
It has demonstrated a stellar track record over past decade, delivering a 25% CAGR in EBITDA and Net profit, along with a 28% CAGR in dividend payouts.
Given the strength of its partnership with Vopak and various capital expenditure lined up in medium term, it should continue to deliver robust operational and financial performance.


2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

Akshat Shah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Western Carriers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-carriers" target="_blank" data-smartkarma-citation="entities:39869:1" rel="noopener">Western Carriers (1489172D IN)</a> is looking to raise about US$100m in its upcoming India IPO.</li>
<li>Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.


Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

India

Aegis Logistics Limited distributes liquefied petroleum gas and provides logistics and terminalling services in the oil, gas  and chemicals sectors. The Company also manufactures and distributes oleochemicals and kerosene oil and provides chemical storage facilities.

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Aegis Logistics (AGIS IN)

Aegis Logistics Ltd- Forensic Analysis

Aegis Logistics is currently on a capex spree and has a strong foothold in the industry, but questionable accounting practices such as...

Nitin Mangal

2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...

Sreemant Dudhoria

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak is looking to raise about US$328m in its upcoming India IPO. In this note, we look at the firm’s recent financial performance updates,...

Nicholas Tan

Aegis Logistics Ltd- Forensic Analysis

​Aegis Logistics is currently on a capex spree and has a strong foothold in the industry, but questionable accounting practices such as...

Nitin Mangal

2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

​Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...

Sreemant Dudhoria

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Aegis Logistics is currently on a capex spree and has a strong foothold in the industry, but questionable accounting practices such as...

Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...