Apana Logistics IPO

Apana Logistics Limitedapanalogistics.com

ListedSMEIndustrialsBSE SME

Price band: ₹60
Issue size: ₹34.14 Cr
Lot size: 2000 sh
Bidding: 7 – 9 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Apana Logistics handles containers and cargo inside container freight stations, inland container depots and ports, and carries containers by road, billing the yard and port operators rather than the cargo owners; the record gives its incorporation as January 1992 and 62 permanent employees as of 30 June 2026. Revenue was Rs 20.10 Cr in FY24, Rs 21.44 Cr in FY25 and Rs 30.85 Cr in FY26, with profit after tax of Rs 3.00 Cr, Rs 3.11 Cr and Rs 5.86 Cr across the same three years. The Rs 34.14 Cr issue was entirely fresh capital at a fixed price of Rs 60, and the record carries one subscription reading, day three, at 1.26 times overall. It listed on BSE SME on 15 September 2026 at Rs 60, closed day one at Rs 57, and last traded at Rs 15.82 on 23 October 2026, 73.63% below the issue price.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

80Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Apana Logistics, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1992 · 11A, Rajshree, 6 Hastings Park Road, Kolkata, West Bengal 700027, India · 62 employees

Apana Logistics handles shipping containers and cargo for the operators of container freight stations (CFS), inland container depots (ICD) and ports in India, rather than for the cargo owners themselves. Its crews lift and move containers inside those yards using reach stackers and cranes, carry containers by road between yards, ports and customer sites, handle cargo at third-party warehouses, and operate and maintain truck-trailer fleets under contract. As of 31 March 2026 the company owned 33 truck-trailers, five reach stackers and two cranes, and hired further equipment from small fleet owners as work required. It had 62 permanent employees as of 30 June 2026. The company is based in Kolkata and was incorporated in January 1992.

Revenue is contract and tender work billed to yard and port operators. In FY26 road transportation brought Rs 1,509.74 lakh and container handling at CFS/ICD/ports Rs 1,337.06 lakh of Rs 3,085.13 lakh revenue from operations; warehouse cargo handling and trailer operation and maintenance supplied the rest. The main cost is operating expenses, Rs 1,531.06 lakh in FY26 or about half of revenue, largely payments to third-party equipment and fleet suppliers, plus Rs 273.54 lakh of employee benefit expense and Rs 123.20 lakh of depreciation on the owned fleet. The structural constraint is customer concentration: the top five customers were 97.79% of FY26 revenue and the largest alone 48.08%.

The company on paper

Legal name: Apana Logistics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 22 Jan 1992
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51909WB1992PLC054214
Sector: Industrials · Container handling and road transport services for CFS, ICD and port operators
Employees: 62
Registered office: 11A, Rajshree, 6 Hastings Park Road, Kolkata, West Bengal 700027, India
Promoters: Pratyaksh Sureka
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 67.5%
Website: apanalogistics.com

The numbers

Financial performance

Revenue has compounded at 23.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹34.14 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹34.14 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,90,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 32.5% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.26×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹60.00
Listed at: ₹60.00
Listing gain: unchanged 0.0%
Since listing: down 67.6%
Against the issue price: down 67.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹60.00
Amount blocked: ₹2,40,000

One lot is 2000 shares at ₹1,20,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,40,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~45%

chance of one lot, per application

Retail subscription: 2.23×
Applicants per share available: 2.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹60.00

listed at, 0.0% against the issue price

Issue price: ₹60.00
Premium said: —
If allotted 2000 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue of Rs 21.44 Cr in FY25 was 6.67% above FY24's Rs 20.10 Cr, and FY26's Rs 30.85 Cr was 43.89% above FY25. Profit after tax of Rs 3.11 Cr in FY25 was 3.67% above FY24's Rs 3.00 Cr, and FY26's Rs 5.86 Cr was 88.42% above FY25.
EBITDA margin was 23.03% in FY24 (Rs 4.63 Cr on Rs 20.10 Cr), 28.68% in FY25 (Rs 6.15 Cr on Rs 21.44 Cr) and 36.69% in FY26 (Rs 11.32 Cr on Rs 30.85 Cr). Net margin did not move the same way across all three years: Rs 3.00 Cr on Rs 20.10 Cr is 14.93% in FY24, Rs 3.11 Cr on Rs 21.44 Cr is 14.51% in FY25 and Rs 5.86 Cr on Rs 30.85 Cr is 19.00% in FY26.
Total borrowings were Rs 9.26 Cr in FY24, Rs 8.00 Cr in FY25 and Rs 6.30 Cr in FY26, lower in each of the two later years. Net worth over the same three years was Rs 11.87 Cr, Rs 14.41 Cr and Rs 20.27 Cr, so borrowings measured 0.78x, 0.56x and 0.31x net worth.
The whole Rs 34.14 Cr offer was fresh issue; the offer-for-sale component is recorded as Rs 0 Cr. The promoter's holding is recorded at 100% before the issue and 67.5% after it.

What to weigh against it

The record states that the top five customers were 97.79% of FY26 revenue and that the largest alone was 48.08%.
The record states that FY26 operating expenses of Rs 1,531.06 lakh, which is 49.63% of the Rs 3,085.13 lakh revenue from operations, were largely payments to third-party equipment and fleet suppliers, and that the company owned 33 truck-trailers, five reach stackers and two cranes as of 31 March 2026, hiring further equipment from small fleet owners as work required.
The fresh issue of Rs 34.14 Cr is 1.68 times the FY26 net worth of Rs 20.27 Cr.
On day three, the only subscription reading the record carries, the issue was subscribed 1.26 times overall, with retail at 2.23 times and the non-institutional category at 0.28 times. Separately, it listed at Rs 60 against the fixed issue price of Rs 60, a listing gain of 0%, closed day one at Rs 57, and stood at Rs 15.82 on 23 October 2026 — 73.63% below the issue price and 72.25% below the Rs 57 day-one close, 38 days after the 15 September 2026 listing.

Easy to miss in the prospectus

The record has no valuation block, no post-issue share count and no peer set, so no earnings multiple at the Rs 60 issue price can be checked against it.
Subscription is recorded for day three (9 September 2026) only, and the qualified-institutional and employee readings for that day are null; no day-one or day-two book is present.
No cash flow from operations, total assets or total expenses figure is present for FY24, FY25 or FY26, so the profitability above rests on the revenue, EBITDA, PAT, net worth and borrowings lines alone.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Corporate Makers Capital Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 8 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

BSE equity bhavcopy, trade date 2026-09-15 (listing day) — scrip 544910 APANA, ISIN INE1ET101019, open 60.00 / close 57.00 · read 16 Oct 2026
BSE equity bhavcopy, trade date 2026-10-15 — scrip 544910 APANA, ISIN INE1ET101019 · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 7 Sep 2026
Closes: 9 Sep 2026
Allotment: 10 Sep 2026
Lists: 15 Sep 2026
Revenue (FY26): ₹30.85 Cr
Profit (FY26): ₹5.86 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.