Aegis Vopak Terminals, The Leela IPOs to list on Monday: Here’s what GMP indicates

Synopsis

Aegis Vopak Terminals and Schloss Bangalore debut on June 2 with muted investor sentiment. Both IPOs saw modest GMPs and were driven mainly by institutional interest. Retail participation remained weak. Proceeds will be used for debt repayment and expansion plans.

Investor sentiment will be in focus on Monday, June 2, as Aegis Vopak Terminals and The Leela Palaces (Schloss Bangalore) make their debut on the Indian stock exchanges. Both IPOs saw moderate interest, mainly from institutional investors, while grey market premiums suggest a muted listing.

Aegis Vopak Terminals IPO GMP

Aegis Vopak Terminals' IPO, open from May 26 to May 28, received a lukewarm response, with an overall subscription of 2.09 times. The issue consisted entirely of a fresh issue of 11.91 crore equity shares, priced in the range of Rs 223–235 per share.

The grey market premium (GMP) for Aegis Vopak shares is currently just Rs 1, hinting at a likely listing around Rs 236 — a marginal upside of 0.43% over the upper price band.

Aegis Vopak Terminals, a joint venture between Aegis Logistics and Dutch firm Vopak, operates 18 terminals across five major Indian ports. It boasts over 1.5 million cubic metres of liquid storage and 70,800 MT of LPG storage capacity. The IPO proceeds will be used to repay debt, fund the acquisition of a cryogenic terminal in Mangalore, and for general corporate purposes.

The Leela (Schloss Bangalore) IPO GMP

The IPO of Schloss Bangalore, which owns and operates The Leela Palaces, Hotels and Resorts, saw an overall subscription of 4.5 times. However, the enthusiasm was largely driven by Qualified Institutional Buyers (QIBs), who subscribed 7.46 times. In comparison, the retail quota was subscribed just 0.83 times, and the Non-Institutional Investors (NII) segment only 1.02 times — indicating subdued interest outside institutional circles.

The GMP for Schloss Bangalore is currently at Rs 2, pointing to a likely listing at Rs 437 against the issue price of Rs 435, implying a minimal premium of 0.46%.

The Brookfield-backed hospitality firm manages 12 luxury hotels under The Leela brand. IPO proceeds will be used to reduce debt at the entity and subsidiary levels — including properties in New Delhi, Chennai, Udaipur, and Jaipur — and for general corporate purposes.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

...moreless

...moreless