Dutch tank storage company Vopak expects to receive the final decision on the initial public offering of its Indian joint venture Aegis Vopak (AVTL) in the first half of 2025, its finance chief said on Wednesday.
Vopak sold a small share as a private placement in 2024 to set the scene for the IPO and registered a net exceptional gain of 13 million euros ($13.6 million) from the deal, CFO Michiel Gilsing told Reuters.
"The ultimate valuation based on the private placement we built in 2024 looks pretty attractive," he said, adding that further gains would come depending AVTL's final valuation.
Vopak has terminals in seven Indian ports and expects to benefit from the dynamic growth of the country's economy, with many more investment opportunities, notably in the liquefied petroleum gas (LPG) market, Gilsing said.
Vopak said in November that AVTL had filed for an IPO worth 35 billion rupees ($403 million) with the Securities and Exchange Board of India.
The proceeds from the IPO will mainly be utilised for re-payment of debt and for acquiring an LPG terminal in the Indian city of Mangalore, Vopak said at the time.
