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Vopak confirms prepare for IPO of Indian venture AVTL

Dutch tank storage company Vopak on Wednesday validated it plans to proceed with an initial public offering (IPO) for its Indian joint venture AVTL.

The private placement we revealed yesterday is a precursor for the IPO, group CFO Michiel Gilsing told Reuters, adding that he sees huge potential in regards to trading at the Indian Stock Market.

The company is now working on a draft prospectus to submit to Indian authorities and thinking about additional shares issuance in the coming years, in conformity with Indian market policies, he said.

Vopak on Tuesday revealed an 88 million euro ($ 95. million) contract for the disposal of a 3.4% stake in its joint. venture with Aegis.

The deal will support deleveraging as well as funding. of development tasks in the area, it stated in a press release.

(source: Reuters)