AZB & Partners and Cyril Amarchand Mangaldas (CAM) advised on the initial public offering (IPO) of Aegis Vopak Terminals Limited (AVTL), India’s largest third-party owner and operator of tank storage terminals for liquefied petroleum gas (LPG) and liquid products.
The IPO comprised a fresh issue of equity shares aggregating approximately ₹28 billion (₹2,800 crore) and listed on the BSE and NSE on June 2, 2025.
Issuer Counsel: AZB & Partners
AZB & Partners acted as legal counsel to Aegis Vopak Terminals Limited, advising the company on all aspects of the offering, including legal due diligence, drafting of the Draft Red Herring Prospectus, regulatory filings with SEBI and stock exchanges, and end-to-end execution of the listing process.
AZB Deal Team:
Varoon Chandra, Senior Partner
Agnik Bhattacharyya, Senior Partner
Sweta Ananthanarayanan, Counsel
Shweta Agrawal, Senior Associate
Anusha Mehta, Senior Associate
Tanaiy Tewari, Associate
Shivani Singh, Associate
Vaibhav Kumar Shah, Associate
Khyati Basant, Associate
Book Running Lead Managers’ Counsel: Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas advised the book running lead managers (BRLMs) to the IPO, namely:
ICICI Securities Limited, BNP Paribas, IIFL Capital Services Limited (formerly IIFL Securities), Jefferies India Private Limited, and HDFC Bank Limited.
The firm assisted the lead managers with offer structuring, legal diligence, documentation, regulatory compliance, and liaising with SEBI and the stock exchanges.
CAM Deal Team:
Manan Lahoty, Partner
Ravi Dubey, Partner
Abhyuday Bhotika, Partner
Sravya Surapaneni, Associate
Sachin Santuka, Associate
Prakhar Jain, Associate
Jayadeep Manchikalapudi, Associate
Parameswaran Chidamparam, Associate
Palak Dwivedi, Associate
About Aegis Vopak Terminals Ltd.
AVTL operates one of India’s most extensive storage infrastructures for LPG and liquid products. It is a joint venture between Aegis Logistics and Royal Vopak, with facilities at key ports including Mumbai, Haldia, Kochi, Kandla, and Mangalore. The IPO proceeds will support debt reduction and expansion of storage capacity, including the acquisition of a cryogenic LPG terminal in Mangalore.
Market Context & External Coverage
Disclaimer: This update is published for informational purposes and reflects publicly available deal information. For inquiries or corrections, please contact our editorial team.
