Is It Right Time To Invest In IPOs? What Aegis Vopak, Schloss, Prostarm & Scoda Listings Reveal For Investors

June 2025 kicked off with a flurry of IPO listings, reflecting mixed investor sentiment and highlighting the varied outcomes of recent debuts.

The public offerings of Aegis Vopak Terminals, Schloss Bangalore, Prostarm Info Systems, and Scoda Tubes showcased how sector preference, pricing strategy, and market mood influence listing performance.

Aegis Vopak Terminals IPO

Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, debuted on June 2 with an issue price of Rs 235. Despite healthy fundamentals and anchor investor support, it opened at Rs 220 on both BSE and NSE—a 6.38% discount. The stock later clawed back to trade near its issue price at Rs 235.60.

According to Col Sanjeev Govila (retd), Certified Financial Planner and CEO of Hum Fauji Initiatives, “Despite solid fundamentals and anchor investor support, it listed at a discount, showing that even strong companies can be priced too high.”

The IPO was subscribed 2.09 times and carried a muted grey market premium (GMP) of Rs -1.

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Schloss Bangalore IPO

On the same day, Schloss Bangalore Ltd, the company behind the The Leela Hotels brand, also went public. With an IPO price of Rs 435 and 4.5x subscription, it listed at Rs 406.50 on BSE and Rs 406 on NSE—down nearly 7%. While the stock dipped early, it recovered by the close, ending flat at Rs 435.55.

Govila noted, “A turnaround candidate with high visibility, including attractive newspaper ads and improving profitability, but listing has been poor.”

The marginal GMP of Rs 2 suggested limited upside potential, which was reflected in the listing outcome.

Prostarm Info Systems IPO

The listing performance took a sharp turn on June 3 with Prostarm Info Systems, where investors saw robust gains. Priced at Rs 105 and subscribed a whopping 97.2 times, the stock opened at Rs 125 on BSE (a 19% gain) and Rs 120 on NSE (up 14.28%). It ended the day at Rs 126.25—up over 20%.

As Govila emphasised, “Posted healthy listing gains, supported by sector tailwinds and reasonable valuations. Holding on for the time being.”

Scoda Tubes IPO

June 4 brought the debut of Scoda Tubes Ltd, a stainless-steel manufacturer, at Rs 140—its issue price. But with strong demand (57.37x subscription) and a GMP of Rs 20, it quickly hit upper circuits on both exchanges, touching Rs 147 on NSE and Rs 146.95 on BSE.

Govila explained the nuance here, “Though oversubscribed 57 times, listing gains were modest, illustrating that hype doesn’t always translate into profits.”

These mixed listings underscore that while the Indian IPO market remains vibrant, not all offerings deliver immediate rewards.

As Govila points out, “FY25 has witnessed a record surge in IPO activity in India, with strong investor enthusiasm reflected in oversubscription rates—QIBs at 102x and retail at 35x on average.”

However, he cautions that “only around two-thirds of recent IPOs have delivered listing gains, and many out of these have fallen below their issue prices over time, highlighting the need for caution.”

Key Takeaways for Investors

Retail participants need to look beyond grey market trends and hype. As Govila advises, “High demand signals interest but not assured profits.” Instead, “Sustainable returns come from companies with strong business models and fair pricing.”

For prudent investing, he stresses, “Avoid herd mentality; diversify your portfolio and limit IPO exposure to 10–15%.”

He goes on to emphasise a crucial mindset shift: “IPO investing should not be treated as a lottery; the real test is how well we can separate wheat from chaff.”

Lastly, he reminds investors not to rely blindly on grey market buzz, “In the same manner, the grey market should not be the compass we use for our IPO decisions. At best, we can use it for direction, not the final decision.”

What is Grey Market Premium (GMP)?

GMP is the price at which an IPO share is being traded in the unofficial or "grey market" before its official listing on stock exchanges (like NSE or BSE in India).