Apana Logistics IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| NII | 0.28x |
| Retail (RII) | 2.23x |
| Total | 1.26x |
Bidding day 3 · final figures at close of bidding: 15 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 7 Sept 2026
- Close Date
- 9 Sept 2026
- Listing Date
- 15 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹32.4 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,40,000 |
| HNI (Min) | 3 | 6,000 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 27,00,000 | 50% |
| Retail | 27,00,000 | 50% |
| Total | 54,00,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 20.33 | 3 | 4.63 | 11.87 | 25.05 | 9.26 | — |
| FY 2025 | 21.61 | 3.11 | 6.15 | 14.41 | 28.95 | 8 | — |
| FY 2026 | 31.07 | 5.86 | 11.32 | 20.27 | 36.84 | 6.3 | 4.96 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.1x
- P/E (post-issue)
- 17.91x
- RoNW
- 33.82%
- RoE
- 33.82%
- RoCE
- 45%
- Debt / Equity
- 0.31
- EPS (pre-issue)
- ₹4.96
- EPS (post-issue)
- ₹3.35
- EBITDA Margin
- 36.69%
- PAT Margin
- 19.01%
- P/BV
- 3.5x
- NAV / share
- ₹17.15
- Market Cap
- ₹105.06 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding capital expenditure requirement of company towards purchase of reach stackers | ₹25 Cr |
| General corporate purposes | ₹5.04 Cr |
| Issue Expenses | ₹4.1 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Lead Manger Fees, Fees Payable to Registrar to the Issue, Fees Payable to Statutory Auditor, Legal Advisors | ₹0.48 Cr |
| Underwriting Commission, Selling, marketing and distribution expense | ₹3.41 Cr |
| Fees Payable for Advertising and Publishing Expenses, Payment for Printing & Stationery, Postage, etc | ₹0.08 Cr |
| Fees Payable to Regulators including Stock Exchanges | ₹0.08 Cr |
| Others (Commission/processing fee for SCSBs, Brokerage and Selling Commission, Sponsor Bank and Banker(s) to the Issue and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs and Miscellaneous Expenses includes marketing expense, event expense etc | ₹0.05 Cr |
Promoters & Shareholding
Promoters: <p>Pratyaksh Sureka</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 67.5%
- Dilution
- 32.5%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Apana Logistics | 4.96 | 17.15 | 12.1x | 33.82% | 3.53x | Restated |
| Premier Roadlines | 5.97 | 44.93 | 6.97x | 14.23% | 0.93x | Standalone |
| VRL Logistics | 13.54 | 65.31 | 22.15x | 21.27% | 4.6x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Apana Logistics IPO
The Apana Logistics SME IPO runs from 7 Sept 2026 to 9 Sept 2026, offered at an issue price of ₹60 per share, and is set to list on BSE. The company is looking to raise ₹34.14 crore through the offer. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹32.4 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure requirement of company towards purchase of reach stackers (₹25 crore), alongside general corporate purposes (₹5.04 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Apana Logistics reported revenue of ₹31.07 crore and a net profit of ₹5.86 crore. Revenue grew from ₹20.33 crore in FY2024 to ₹31.07 crore in FY2026 (+53.0%). Net worth stood at ₹20.27 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.91× post-issue earnings and 3.5× book value, against a return on net worth of 33.82% and a debt-to-equity ratio of 0.31. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Premier Roadlines and VRL Logistics, with a median peer P/E of about 14.6×. The issue's own post-issue P/E works out to 17.91×.
Promoters
The promoters of the company are <p>Pratyaksh Sureka</p>. Promoter holding stands at 100% before the issue and comes down to 67.5% after listing.
Grey market premium (GMP)
In the unofficial grey market, Apana Logistics shares are quoted at a premium of ₹0 implying an expected listing around ₹60, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Apana Logistics IPO was subscribed 1.26 times overall. The strongest demand came from retail investors at 2.23 times, with non-institutional investors (NII) at 0.28×.
Listing performance
Apana Logistics listed on 15 Sept 2026 at ₹60, a premium of +0.0% over the issue price of ₹60.
What to weigh
When evaluating the Apana Logistics IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Apana Logistics
Incorporated in 1992, Apana Logistics Ltd. is engaged in the business of providing comprehensive logistics support for the handling and transportation of containers. The Company offers diversified services including Container Handling at Container Freight Stations (CFS), Inland Container Depots (ICD), and ports, road transportation, cargo handling at third-party warehouses, and the repair, operation, and maintenance of truck-trailers (TT). The Company serves some of the top leading CFS/ICD/Port Operators in India and focuses on delivering cost and time-effective solutions to its customers. As of August 31, 2025, the Company owned and maintained a fleet size of thirty-three (33) truck-trailers and five (5) reach stackers. Apana Logistics caters to more than 10 customers, with strong and long-established relationships, including two of its top five customers who have been associated with the Company for over 10 years. As of August 31, 2025, the Company had 85 permanent employees.
Apana Logistics — Contact Details
- Registered office
- 11A, Rajshree 6, Hastings Park Road, Kolkata, West Bengal, 700027
- Phone
- +91-22-69328885
- Website
- www.apanalogistics.com/
- Registrar (IPO queries)
- afl.ipo@kfintech.com
Frequently asked questions
- What is the Apana Logistics IPO price band?
- The Apana Logistics IPO price band is ₹60 per share, with a lot size of 2000 shares.
- What was the Apana Logistics IPO GMP before listing?
- The final grey market premium recorded before the Apana Logistics IPO listed was ₹0. The IPO listed on 15 Sept 2026 at ₹60, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Apana Logistics IPO open and close?
- The Apana Logistics IPO opens on 7 Sept 2026 and closes on 9 Sept 2026.
- When is the Apana Logistics IPO allotment and listing date?
- Allotment is expected on 10 Sept 2026. The shares are scheduled to list on 15 Sept 2026 on BSE.
- How many times was the Apana Logistics IPO subscribed?
- The Apana Logistics IPO was subscribed 1.26 times in total across all investor categories.
- What is the reservation split in the Apana Logistics IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Apana Logistics and what is their holding?
- The promoters are <p>Pratyaksh Sureka</p>. Promoter holding is 100% before the issue and 67.5% after listing.
- What is the P/E ratio of the Apana Logistics IPO?
- At the upper price band, the Apana Logistics IPO is valued at 12.1× pre-issue earnings and 17.91× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Apana Logistics IPO?
- The net proceeds go primarily toward funding capital expenditure requirement of company towards purchase of reach stackers, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Apana Logistics IPO?
- The book-running lead manager is Corporate Makers Capital Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Apana Logistics a Mainboard or SME IPO?
- Apana Logistics is an SME IPO, listing on BSE (SME platform).