Aegis Vopak Terminals shares debuted at ₹220 on both NSE and BSE on Monday, June 2, listing at a 6.38% discount to the IPO issue price of ₹235. The listing comes after the company’s ₹2,800-crore initial public offer (IPO) was subscribed 2.09 times during the bidding window from May 26 to May 28.
The IPO was priced at a fixed band of ₹223–₹235 per share. Post-listing, the company’s market capitalization stood at approximately ₹24,375.81 crore.
Despite the modest subscription, Aegis Vopak Terminals entered the market at a premium valuation. Based on FY24 earnings, the company is valued at a P/E multiple of 235x — significantly higher than the sector average of 42x. Its price-to-book (P/B) ratio stands at 18x, which is also nearly three times the industry average of 6x.
In comparison, Leela Hotels — which also listed today — was priced at ₹435, implying a P/E of 220.8x based on its projected FY25 EPS of ₹1.97. While its P/E is also more than double the peer average of 98.9x, its P/B ratio appears more moderate at 2.92x.
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