Vopak expects decision on AVTL's IPO in first half of 2025, CFO says

Koninklijke Vopak NV

19/02/2025 12:54

By Anna Peverieri and Alban Kacher
       Feb 19 (Reuters) - Dutch tank storage company Vopak
 VOPA.AS  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.
    
($1 = 0.9594 euros)
($1 = 86.8400 Indian rupees)
    

 (Reporting by Anna Peverieri and Alban Kacher in Gdansk;
Editing by Milla Nissi)
 ((Anna.Peverieri@thomsonreuters.com;))