Dutch tank storage company Vopak confirmed on Wednesday its intention to proceed with an initial public offering (IPO) for its Indian joint venture, AVTL. "The private placement we announced yesterday is a precursor to the IPO," said CFO Michiel Gilsing in an interview with Reuters, adding that he sees "enormous potential" for trading on the Indian stock exchange.
Vopak CEO confirms IPO plan
The company is currently working on a draft prospectus to submit to Indian authorities and is considering further stock issuances in the coming years, in compliance with Indian market regulations.
Last Tuesday, Vopak announced an agreement to sell a 3.4% stake in its joint venture with Aegis for €88 million ($95 million). The transaction will support the reduction of leverage and the funding of growth projects in the region, the company stated in a press release.
