In Progress
Valuation
Market Cap
₹105.06 Cr
P/E Ratio
12.10x
P/B Ratio
3.50x
Apana Logistics IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Apana Logistics Limited is an integrated logistics services provider incorporated in 1992, engaged in container handling at CFS/ICD/Port facilities, road transportation, cargo handling at third-party warehouses, and repair, operation & maintenance of trucks and trailers. Operating under a hybrid asset model, the Company owns a fleet of 33 truck-trailers, 5 reach stackers and 2 cranes as on 31 March 2026, supplemented by third-party hired equipment. Apana serves major CFS, ICD and Port operators across Maharashtra, Karnataka, Gujarat, Goa, West Bengal, Andhra Pradesh and Madhya Pradesh through 6 ongoing tender-based contracts.
Lots & IPO Size
Apana Logistics IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,40,000 |
| Ind (Max) | 2 | 4,000 | ₹2,40,000 |
| Others (Min) | 3 | 6,000 | ₹3,60,000 |
Market Maker
₹2.90 L
Employee
₹0.00
Shareholder
₹0.00
Apana Logistics IPO Size
Total
₹34 Cr
Fresh Issue
₹34 Cr
(0.57 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Funding capital expenditure requirement of the company towards purchase of reach stackers (Vehicles)
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of FY26 revenue, exposing it to significant customer-concentration risk.
Key Risk Factors
The company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of FY26 revenue, exposing it to significant customer-concentration risk.
The company depends on network partners, third-party service providers and vendors for critical operations. Payments to third-party providers accounted for 47.13% of FY26 revenue; disruptions could adversely affect service delivery.
The company is unable to trace some of its historical corporate records including Form 2 filings for 1993 and 1994 share allotments and PAS-3 for the 2020 bonus issue, and has certain non-compliances in respect of RoC filings.
A significant portion of the company's revenue is derived from related-party transactions with Roadwings Western Pvt Ltd, Freightrans Logistics Pvt Ltd and Highway Roadlines Pvt Ltd, which may involve potential conflicts of interest.
The company is dependent on the performance of industries in which its customers operate, particularly Container Freight Stations (CFS) and Inland Container Depots (ICD); fluctuations in imports/exports could reduce demand.
Certain of the company's Directors are involved in ventures in the same line of business, notably Freighttrans Logistics Pvt Ltd, creating potential conflicts of interest that may adversely affect the company.
The company's operations depend on the continued functioning of its 33 truck-trailers, 5 reach stackers and material handling equipment; any breakdown, mishap or accident could disrupt operations and harm profitability.
The company faces risk of delays or defaults in customer payments and tightening of payment terms by third-party service providers, which could negatively affect its cash flows and working capital requirements.
The company does not hold any registered intellectual property rights, including its brand name and logo, in its name, which may impair its ability to protect and enforce proprietary rights against infringement.
The company operates under multiple statutory and regulatory frameworks requiring various approvals, licences and registrations; inability to obtain, renew or maintain these could materially disrupt operations.
Apana Logistics IPO Details Live GMP
GMP
₹4
Est. Price
₹64
Est. Gain
6.67%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 05 Sep | ₹4 (6.7%) | ₹64 |
| 04 Sep | ₹3 (5%) | ₹63 |
| 03 Sep | ₹0 (0%) | ₹60 |
Apana Logistics IPO Peer Comparison
(Rs. in crores)
| Particulars | Apana Logistics | Premier Roadlines | VRL Logistics |
|---|---|---|---|
| Revenue | 30.85 | 330.76 | 3,221.11 |
| PAT | 5.86 | 13.65 | 236.83 |
| EPS (₹) | 4.96 | 5.97 | 13.54 |
| NAV (₹) | 17.15 | 44.93 | 65.31 |
| RONW | 33.82% | 14.23% | 21.27% |
| EBITDA | 36.69% | 7.55% | 20.16% |
| PAT Mrgn | 19.01% | 4.13% | 7.35% |
| PE Ratio | 12.10 | 6.97 | 22.15 |
| Debt to Equity | 0.31 | 0.54 | 0.40 |
All information pertains to FY 2025-26. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 1st September, 2026 for Peers
Apana Logistics IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 30.85 | 21.44 | 20.10 |
| PAT | 5.86 | 3.11 | 3.00 |
| Net Worth | 20.27 | 14.41 | 11.87 |
| Borrowings | 6.30 | 8.00 | 9.26 |
| Assets | 36.84 | 28.95 | 25.05 |
| NAV (₹) | 17.15 | 12.19 | 60.25 |
| EPS (₹) | 4.96 | 2.63 | 2.54 |
Key Performance Indicators (KPIs)
Debt to Equity
0.31
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Apana Logistics IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 30.85 | 21.44 | 20.10 |
| Other Income | 0.22 | 0.18 | 0.23 |
| Total Income | 31.07 | 21.62 | 20.33 |
| Operating Expenses | 15.31 | 11.13 | 11.52 |
| Employee Expense | 2.74 | 3.10 | 2.99 |
| Finance Costs | 1.08 | 1.03 | 0.34 |
| Depreciation | 1.23 | 0.94 | 0.52 |
| Other Expenses | 1.48 | 1.04 | 0.84 |
| Total Expenses | 21.84 | 17.24 | 16.21 |
| Profit Before Tax | 9.23 | 4.38 | 4.12 |
| Tax Expense | 3.36 | 1.26 | 1.11 |
| Profit After Tax | 5.87 | 3.12 | 3.01 |
| EPS — Basic (₹) | 4.96 | 2.63 | 2.54 |
| EPS — Diluted (₹) | 4.96 | 2.63 | 2.54 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 11.82 | 11.82 | 1.97 |
| Reserves & Surplus | 8.45 | 2.59 | 9.90 |
| Total Equity | 20.27 | 14.41 | 11.87 |
| Total Borrowings | 6.30 | 8.01 | 9.25 |
| Trade Payables | 3.48 | 2.79 | 2.19 |
| Deferred Tax Liabilities | 3.24 | 1.54 | 1.20 |
| Short-Term Provisions | 1.88 | 0.58 | 0.06 |
| Other Liabilities | 1.66 | 1.63 | 0.47 |
| Total Equity & Liab | 36.83 | 28.96 | 25.04 |
| Fixed Assets | 19.36 | 16.39 | 14.42 |
| Oth Non-Current Assets | 3.56 | 3.56 | 0.18 |
| Short-Term Loans & Adv | 5.34 | 2.55 | 4.24 |
| Trade Receivables | 6.92 | 4.07 | 3.61 |
| Cash & Bank Balances | 0.66 | 1.38 | 1.55 |
| Other Assets | 1.00 | 1.00 | 1.04 |
| Total Assets | 36.83 | 28.96 | 25.04 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 6.06 | 8.18 | 1.06 |
| Cash Flow from Investing Activities | -4.00 | -6.08 | -7.70 |
| Cash Flow from Financing Activities | -2.78 | -2.28 | 7.25 |
| Net Change in Cash & Equivalents | -0.72 | -0.18 | 0.61 |
| Cash & Equivalents at End of Period | 0.66 | 1.38 | 1.55 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Pratyaksh Sureka
89.46%
Krishna Shrawan Sureka
8.53%
Others
2.01%
Management
Pratyaksh Sureka
Age: 31
Chairman & MD
Remuneration
₹₹12.00 Lakhs (FY 2025-26)
Education
MPOWER programme (IIM Ahmedabad); B.E. Production (University of Mumbai)
Prior Experience
8 years in logistics; previously with Roadwings Western Pvt Ltd
Vasant Vitthal Dongre
Age: 66
WTD & CFO
Remuneration
₹₹4.70 Lakhs (FY 2025-26)
Education
B.Com (University of Pune)
Prior Experience
17+ years in logistics operations; previously with Roadwings International Pvt Ltd
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Apana Logistics Limited
Address: 11A Rajshree, 6 Hastings Park Road, Kolkata, West Bengal, 700027
Number: +91-33-35497168
Email: email@apanalogistics.com
Website: https://apanalogistics.com/
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Frequently Asked Questions (FAQs)
What is Apana Logistics IPO?
Apana Logistics IPO is a SME IPO having an issue size of
₹34 Crs.
Apana Logistics IPO is priced at
₹60 - ₹60 per
share.
The
issue opens on 07 Sep 26
and
closes on 09 Sep 26.
When will Apana Logistics IPO open?
Apana Logistics IPO opens on
07 Sep 26 and closes on
09 Sep 26.
What is the GMP of Apana Logistics IPO?
The estimated Grey Market Premium of Apana Logistics IPO is
₹4 per share (6.67%).
What is the lot size of Apana Logistics IPO?
The minimum lot size of Apana Logistics IPO is
2000 shares & the minimum application amount
is
Rs.
120000.
When is the allotment of Apana Logistics IPO?
The allotment date of Apana Logistics IPO is
10 Sep 26.
What is the listing date of Apana Logistics IPO?
The listing date of Apana Logistics IPO is
15 Sep 26.
What is the subscription of Apana Logistics IPO?
Apana Logistics IPO is subscribed
-.
What is the price band of Apana Logistics IPO?
Apana Logistics IPO is priced at
₹60 - ₹60 per
share.
How to check allotment status of Apana Logistics IPO?
Click the allotment link on Apana Logistics IPO page of IPO360.
How to apply Apana Logistics IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Apana Logistics IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Apana Logistics IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Apana Logistics IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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