Group 1 - AVTL announced a positive final investment decision to build a greenfield terminal for 132k cbm LPG and 318k cbm liquid products, along with a LPG bottling plant of 35,000MT capacity in JNPA port, Mumbai [1] - This terminal will be AVTL's second in JNPA port, aimed at increasing market share in the industrialized and fast-growing regions of West and Central India, with commissioning expected to start in mid-2026 [1] - The total investment for this project is EUR 170 million, with Vopak's share being EUR 70 million, funded by AVTL [2] Group 2 - AVTL is the largest third-party owner and operator of tank storage terminals for liquefied petroleum gas and liquid products in India, operating across six Indian ports [3] - Vopak holds a 42.23% stake in AVTL and is focused on global growth strategies that include industrial and gas infrastructure, as well as energy transition infrastructure [2][4] - Royal Vopak has been providing storage and infrastructure solutions for vital products for over 400 years, emphasizing safety, reliability, and efficiency in supporting the energy transition [4]

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]

Company Overview - AVTL is a joint venture between Aegis Logistics Limited and Vopak India BV, recognized as the largest Indian third-party owner and operator of tank storage terminals for liquefied petroleum gas and liquid products based on storage capacity as of December 31, 2024 [4] - The company operates a network of storage tank terminals with a total storage capacity of approximately 1.49 million cubic meters for liquid products and 70,800 metric tons for LPG as of December 31, 2024 [4] IPO Announcement - AVTL has received approval from the Securities and Exchange Board of India (SEBI) and has filed the Red Herring Prospectus with the Registrar of Companies Gujarat at Ahmedabad [2] - The price band for the primary equity issue is set between INR 223 to INR 235 per share, with a total IPO size of INR 28 billion at the upper end of the price band [2] - This marks a significant milestone in the IPO process, with further key stages to be announced in due course [3] Industry Context - Royal Vopak, the parent company, provides storage and infrastructure solutions for essential products, including energy sources, chemicals, and edible oils, supporting the global flow of supply and demand [5] - Vopak has a long history of over 400 years in the industry, focusing on safety, reliability, and efficiency, and is currently advancing infrastructure solutions for sustainable energy transitions [5]