AVTL successfully completed IPO

Core Insights - AVTL has successfully completed its IPO with an issue price of INR 235 per share, raising approximately INR 2,800 crore (around EUR 290 million) [1][2] - The IPO resulted in Vopak's shareholding decreasing from 47.31% to 42.23% due to the issuance of 10.75% new equity shares [2] - The transaction is expected to generate an exceptional dilution gain for Vopak of approximately EUR 110 million, which will be recorded in Q2 2025 financials [3] Company Overview - AVTL, a joint venture between Aegis Logistics Limited and Vopak India BV, is the largest third-party owner and operator of tank storage terminals for liquefied petroleum gas and liquid products in India, as of December 31, 2024 [5] - AVTL operates a network of storage tank terminals across six Indian ports, focusing on LPG and chemicals [5] Vopak's Strategic Position - Vopak's CEO, Dick Richelle, emphasized the successful IPO as a significant milestone that reflects the strong partnership with Aegis Logistics and supports Vopak's strategy of expanding its portfolio of gas and industrial terminals [3] - Vopak is committed to investing in critical infrastructure to facilitate the global flow of essential products, contributing to energy transition and sustainability [6]