Vopak confirms plans for IPO of Indian venture AVTL

Koninklijke Vopak NV

30/10/2024 08:41

Oct 30 (Reuters) - Dutch tank storage firm Vopak
 VOPA.AS  on Wednesday confirmed it plans to proceed with an
initial public offering (IPO) for its Indian joint venture AVTL.
    "The private placement we announced yesterday is a precursor
for the IPO," group CFO Michiel Gilsing told Reuters, adding
that he sees "massive potential in terms of trading at the
Indian Stock Exchange".
    The company is now working on a draft prospectus to submit
to Indian authorities and considering further shares issuance in
the coming years, in conformity with Indian market regulations,
he said.
    Vopak on Tuesday announced an 88 million euro ($95
million)agreement for the disposal of a 3.4% stake in its joint
venture with Aegis. 
    The transaction will support deleveraging as well as funding
of growth projects in the region, it said in a news release.
    ($1 = 0.9225 euros)

 (Reporting by Alban Kacher; editing by Jason Neely)
 ((alban.kacher@thomsonreuters.com))