Aegis Vopak’s IPO, open till May 28, has drawn bids for 1.97 crore shares versus the 6.91 crore on offer so far, according to NSE data. Retail subscription stood at 31%, QIBs at 39%, and NIIs lagged at 5%. The issue is priced at ₹223–₹235 per share, valuing the firm at nearly ₹26,000 crore at the upper end. Proceeds will mainly go toward debt repayment (₹2,016 crore) and funding a new LPG terminal in Mangalore.

Brokerages like Lemonn Markets and Bajaj Broking highlighted the firm’s dominant market share—holding 11.5% of India’s LPG storage capacity and 25.5% in third-party liquid storage—but flagged concerns about steep valuation (P/E of 227.4x, EV/EBITDA of 56.5x). Additionally, risks include customer concentration, high capex intensity, and operational hazards. Despite recent financial turnaround with FY24 profit of ₹86.5 crore, analysts say listing gains may be limited and suggest subscribing only with a 2–3 year horizon as new terminals ramp up by FY26.