Apana Logistics Limited IPO: price ₹60, ₹34.14 crore fresh issue, Sep 7–9, 2026; listing on Sep 15

Apana Logistics Limited, a container-focused logistics services provider, came to the SME market with a ₹34.14 crore IPO at a fixed price of ₹60 per share. The issue opened on September 7, 2026 and closed on September 9, 2026. It was entirely a fresh issue (₹34.14 crore) with no offer for sale (OFS). The shares listed on September 15, 2026 at ₹60.

What Apana Logistics does

Apana Logistics Limited provides container-focused logistics services across India, combining multiple activities typically required by container freight stations (CFS), inland container depots (ICD) and ports.

A key part of its offering is yard and terminal operations for container handling. This includes container movement and handling at CFS/ICD/ports using reach stackers. Alongside handling, the company provides road transportation through truck-trailers and also undertakes warehouse cargo handling.

The service mix includes repair, operation and maintenance (O&M) support for trucks and trailers. This creates an operating profile where equipment availability (reach stackers and truck-trailers) and onsite execution capability matter, because services are delivered at customer locations and often within defined service levels under contracts.

Business evolution, customer contracting, and asset model

Apana Logistics was incorporated in 1992 in West Bengal as Surya Top Sale Private Limited. In 2007, it changed its name to Apana Logistics Private Limited. In 2024, it converted into a public limited company and was renamed Apana Logistics Limited.

The company executes largely tender-based, multi-year contracts, primarily with CFS, ICD and port operators. Tender participation and renewal outcomes are relevant because a meaningful portion of work in container logistics and handling is awarded through competitive bids and periodic re-tenders.

Operationally, Apana Logistics uses a hybrid asset model. It maintains a base of owned equipment and supplements this with leased or third-party assets, along with deployed manpower at customer sites. As of August 31, 2025, it reported ownership of 33 truck-trailers and five reach stackers.

IPO structure and stated use of proceeds

The Apana Logistics IPO was an SME issue at a fixed price of ₹60 per share. The total issue size was ₹34.14 crore, structured as a 100% fresh issue. With no OFS component, proceeds (net of issue expenses) accrue to the company rather than to selling shareholders.

The IPO is positioned as a growth-linked fundraise for the container handling platform. The stated deployment highlighted in the IPO description is capital expenditure for purchasing up to eight additional reach stackers. In the company’s operating context, reach stackers are central to container handling at yards and terminals, and the proposed purchase is presented as a capacity expansion step while the company continues to compete for and execute multi-year tender contracts across port, CFS and ICD customers.

The lot size was 2,000 shares, translating to a minimum application size of ₹1,20,000 at the issue price.

Financial trajectory (FY2024–FY2025)

Apana Logistics has disclosed financial performance for FY2024 and FY2025. The table below captures the reported revenue, profit after tax (PAT), PAT margin and total assets for the two financial years.

Across FY2024 to FY2025, revenue rose from ₹20.10 crore to ₹21.44 crore, while PAT moved from ₹3.00 crore to ₹3.11 crore. The PAT margin in the financial table is shown at 14.94% in FY2024 and 14.49% in FY2025. Total assets were reported at ₹3.00 crore in FY2024 and ₹3.11 crore in FY2025.

For readers assessing a tender-led logistics operator, these disclosures frame the company’s recent scale and profitability profile alongside the business description: container handling and transportation services delivered using a combination of owned equipment, leased/third-party assets and onsite manpower. Separately, the company’s stated use of funds is linked to expanding reach stacker capacity, which is a key equipment input for its container handling activity.

Valuation and key operating metrics disclosed for the issue

At the IPO price, Apana Logistics reported an earnings per share (EPS) of ₹4.96 and a pre-IPO price-to-earnings (P/E) multiple of 12.10 times. It also disclosed a price-to-book multiple of 3.50 times.

The company reported return metrics including return on equity (ROE) and return on net worth (RoNW), both at 33.82%, and return on capital employed (ROCE) at 45.00%. Operating profitability was disclosed through an EBITDA margin of 36.69% (EBITDA as a margin percentage). A PAT margin of 19.01% is also disclosed in the KPI set.

Leverage was reported through a debt-to-equity ratio of 0.31 times. Separately, the company’s SWOT disclosures reference a current ratio of 1.00 in FY2025, which investors often track alongside working-capital needs in contract-driven logistics services.

These metrics provide context for how the issue was priced relative to the company’s disclosed earnings and balance-sheet measures, using the figures as stated by the company.

Subscription, listing, GMP observations, and key risks to monitor

The IPO closed with an overall subscription of 0.62 times. Retail Individual Investors (RII) were subscribed at 1.13 times, while the Non-Institutional Investors (NII) category was subscribed at 0.10 times. The snapshot shows no shares offered to Qualified Institutional Buyers (QIB) and no QIB bids recorded.

Apana Logistics listed on September 15, 2026 at ₹60, the same as the issue price.

Grey market premium (GMP) is an unofficial indicator and can change. In the available observations (up to 10 data points), the GMP was recorded at ₹5 in one observation on September 9, 2026, and was otherwise observed between ₹0 and ₹1 across subsequent timestamps through September 15, 2026.

Key risks and sensitivities disclosed by the company include customer concentration and tender dynamics. The company states that the top five customers contributed approximately 95%–99% of revenue across FY2023–FY2025, which increases sensitivity to contract renewals, volumes from key customers, and commercial terms under multi-year engagements. It also flags that L1 (lowest-bid) selection in tenders can pressure pricing and margins.

Operational and execution risks highlighted include reliance on third-party vendors and informal arrangements, potential service disruptions or cost spikes, equipment downtime, variability in fuel costs, and service-level penalties under contracts. The company also identifies regulatory and compliance exposure tied to permits and transport regulations. In addition, it notes missing historical corporate records and past Registrar of Companies (RoC) filing delays, which could lead to penalties or increased compliance costs.

Monitoring points after the IPO (stated as checkpoints, not outcomes):

Track whether the company increases owned reach stacker capacity in line with its stated plan to purchase up to eight units, and how this affects reliance on rented or third-party equipment.

Watch for changes in customer concentration over time, given the stated reliance on a small set of customers for a large share of revenue.

Follow contract awards and renewals in the tender pipeline, since re-tender outcomes are a stated risk factor.

Monitor liquidity and working-capital indicators, given the disclosure of a FY2025 current ratio of 1.00 and the operating nature of multi-year service contracts.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.