Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term 'GATI' (Gateway Access to India) expansion pipeline.</li>
<li>As India's largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country's surging energy, chemical, and industrial import dependence.</li>
<li>The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.</li>
</ul>


Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term 'GATI' (Gateway Access to India) expansion pipeline.
As India's largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country's surging energy, chemical, and industrial import dependence.
The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.


The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

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> raised 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 our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN) raised 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 our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


<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

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.</li>
<li>LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.</li>
<li>Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.</li>
</ul>


Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.


AVTL: Storage Platform Poised for Growth Amid Demand Visibility

<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$415m in its upcoming India IPO.</li>
<li>Aegis Vopak (AV) 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 past performance.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN)  is looking to raise about US$415m in its upcoming India IPO.
Aegis Vopak (AV) 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 past performance.


Aegis Vopak Pre-IPO: Expanding Rapidly but Lots of Debt

India

Aegis Vopak Terminals Limited owns and operates tank storage terminals. The Company specializes in storage and movement of LPG, oil, liquid chemicals, petrochemicals, gases, bitumen, and vegetable oil products. Aegis Vopak Terminals serves customers worldwide.

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Aegis Vopak Terminals (AEGISVOP IN)

The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...

Nimish Maheshwari

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

AVTL: Storage Platform Poised for Growth Amid Demand Visibility

AVTL is raising Rs2,800 crore for debt repayment and expansion. Revenue and EBITDA projected to grow 20-25% CAGR . Key risks include revenue...

Rahul Jain

Aegis Vopak Pre-IPO: Expanding Rapidly but Lots of Debt

Aegis Vopak is looking to raise about US$415m in its upcoming India IPO. It is the largest Indian 3P operator of storage terminals for LPG etc. In...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

​Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...

Nimish Maheshwari

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

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

AVTL: Storage Platform Poised for Growth Amid Demand Visibility

AVTL is raising Rs2,800 crore for debt repayment and expansion. Revenue and EBITDA projected to grow 20-25% CAGR . Key risks include revenue...

Rahul Jain

Aegis Vopak Pre-IPO: Expanding Rapidly but Lots of Debt

Aegis Vopak is looking to raise about US$415m in its upcoming India IPO. It is the largest Indian 3P operator of storage terminals for LPG etc. In...

Nicholas Tan

Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...