Today, we announce an update regarding the primary equity issue of our joint venture AVTL.

AVTL has successfully completed its IPO. The issue price for the IPO was INR 235 per share which is at the top end of the previously announced price band. The size of the primary equity issue is INR 2,800 crore (approximately EUR 290 million).

The board of AVTL issued an equivalent of 10.75% of new equity shares. As a result of the issuance of new shares, Vopak’s shareholding reduced from 47.31% to 42.23%.

AVTL commenced trading today, Monday 2 June 2025, at the National Stock Exchange of India Limited and BSE Limited.

Dick Richelle, CEO of Royal Vopak: “We are very pleased with the successful realisation of AVTL's IPO, a significant milestone reflecting the strong partnership and collaborative spirit between Aegis Logistics and Vopak. The IPO also successfully crystallizes value for Vopak shareholders and strongly supports Vopak's strategy of expanding our portfolio of gas and industrial terminals. With continued investments in critical infrastructure we are helping the world flow forward."

The transaction will result in an exceptional dilution gain for Vopak of approximately EUR 110 million to be recorded in Q2 2025 financials.


Vopak will host an analysts’ presentation with Vopak’s CFO, Michiel Gilsing via an on-demand audio webcast on Vopak’s corporate website on Monday 2 June 2025 starting at 08:00 CEST.

About AVTL
AVTL, established as a joint venture of Aegis Logistics Limited and Vopak India BV, is the largest Indian third-party owner and operator of tank storage terminals for liquified petroleum gas and liquid products in terms of storage capacity, as of December 31, 2024 (Source: CRISIL Report). AVTL, along with its subsidiaries, owns and operates a network of storage tank terminals (LPG and chemicals) across six Indian ports.