Mumbai: Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, will open its initial public offering (IPO) for subscription on May 26. The IPO will close on May 28. The company has fixed a price band of Rs 223 to Rs 235 per share. The bidding for anchor investors will open on May 23.

This IPO is a fresh issue of equity shares worth Rs 2,800 crore. There is no offer-for-sale (OFS) component. Earlier, the IPO size was planned at Rs 3,500 crore.

From the total proceeds, Rs 2,016 crore will be used to repay debt. About Rs 671.30 crore will be spent to acquire a cryogenic LPG terminal in Mangalore. The rest will go towards general corporate purposes.

As of June 2024, the company had total borrowings of Rs 2,584 crore. The company provides storage terminals for liquids and gases like LPG, propane, butane, petroleum, and chemicals across India. These terminals are located near key ports and shipping routes, giving them a strategic advantage.

The IPO has 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Investors can bid for a minimum of 63 shares and in multiples of 63 after that.

The book-running lead managers are ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, and HDFC Bank.

(With PTI Inputs)