Aegis Vopak Terminals' shares debut over 6 pc lower against issue price

New Delhi, Jun 2 (PTI) Shares of Aegis Vopak Terminals Ltd, a subsidiary of Aegis Logistics Ltd, on Monday listed with a discount of over 6 per cent against the issue price of Rs 235.

At the BSE, the stock listed at Rs 220, reflecting a discount of 6.38 per cent from the issue price. Later, it traded flat at Rs 235.60.

Shares of the firm made its market debut at Rs 220 on the NSE.

The company's market valuation stood at Rs 26,059.96 crore.

The initial public offer of Aegis Vopak Terminals fetched 2.09 times subscription on the closing day of bidding on last Wednesday.

The company's initial share sale had a price band of Rs 223-235 per share.

The IPO was entirely a fresh issue of equity shares worth Rs 2,800 crore with no offer-for-sale (OFS) component, according to the red herring prospectus (RHP).

Proceeds worth Rs 2,016 crore will be used for payment of debt, Rs 671.30 crore to fund capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore and the remaining amount will be allocated for general corporate purposes.

Aegis Vopak Terminals owns and operates storage tank terminals across India. These terminals provide secure storage facilities for liquids like petroleum, vegetable oil, lubricants, chemicals, and gases such as LPG, propane, and butane.