IPO GMPs: Leela Hotels IPO vs Aegis Vopak Terminals IPO - What Grey Market Premium Signals Ahead of Listing Date?

As the IPO season heats up in mid-2025, investor focus has turned to two high-profile offerings: Leela Hotels Limited and Aegis Vopak Terminals Limited. Both companies are attracting keen attention not only for their sectoral relevance—hospitality and logistics, respectively—but also for their grey market premiums (GMPs), which often act as early indicators of listing performance.

Understanding Grey Market Premiums

The grey market is an unofficial trading platform where investors buy and sell IPO shares before they are officially listed. GMPs reflect the extra amount investors are willing to pay over the IPO price, providing insights into expected listing gains.

“While GMPs are not always accurate predictors, they offer a glimpse into market sentiment and demand-supply dynamics ahead of the listing,” explains Rajesh Vora, an equity strategist at CapitalBridge Advisors.

Leela Hotels IPO: Riding the Hospitality Wave

Leela Hotels, a premium hotel chain with properties across India, has launched its IPO to raise ₹1,200 crore through a combination of fresh issue and offer for sale. The price band is set at ₹290–₹310 per share.

GMP Trend:

As of the last grey market update, Leela Hotels shares are commanding a GMP of ₹65–₹70, suggesting a potential listing gain of around 21% at the upper price band.

Market Sentiment:

Analysts believe the hospitality sector’s ongoing recovery post-COVID and strong domestic travel demand are pushing up enthusiasm. With marquee properties and improving profitability, Leela Hotels seems well-positioned.

“Leela’s brand appeal and premium positioning give it an edge. However, valuation concerns remain at the higher end of the price band,” notes Divya Mehta, Senior Research Analyst at Monarch Broking.

Aegis Vopak Terminals IPO: Logistics Play with Global Backing

Aegis Vopak Terminals Limited, a joint venture between India’s Aegis Logistics and Dutch major Royal Vopak, is entering the IPO market with a fresh issue worth ₹900 crore. The IPO price band is ₹210–₹225 per share.

GMP Trend:

The GMP for Aegis Vopak Terminals currently stands at ₹40–₹45, indicating a listing premium of approximately 20%.

Sector Advantage:

The company operates bulk liquid and gas storage terminals and is poised to benefit from India’s expanding energy and chemicals trade. The international partnership adds credibility and global best practices to the mix.

“Given India’s growing energy infrastructure needs and Aegis Vopak’s strategic terminals across key ports, this IPO is a long-term value proposition,” says Kunal Sethi, Portfolio Manager at Insight Wealth Advisors.

Investor Outlook: Listing Pop or Long-Term Play?

Both IPOs are drawing significant retail and institutional interest, but their appeal varies depending on investor profiles.

• Leela Hotels may attract those looking for short-term listing gains due to its strong GMP and brand visibility. However, hospitality is a cyclical industry, and long-term returns may depend on sustained margin expansion and expansion plans.

• Aegis Vopak Terminals, on the other hand, is being seen as a steady long-term bet. The logistics and terminal storage sector benefits from consistent demand and regulatory tailwinds in energy storage and infrastructure.

“Retail investors chasing a quick listing pop may prefer Leela, but those seeking lower volatility and strategic growth may lean toward Aegis Vopak,” observes Prasad Bhave.

Final Word

Grey market premiums for both Leela Hotels and Aegis Vopak Terminals signal strong listing debuts, with investors likely to see early gains. However, beyond the listing day euphoria, fundamentals and sectoral trends should guide investment decisions.

Market participants are advised to keep an eye on subscription numbers, QIB (Qualified Institutional Buyer) interest, and broader market conditions leading up to the listing.

As always, IPO investments carry risks, and a thorough assessment of the red herring prospectus (RHP) and financials is essential before making allocation decisions.