Apana Logistics SME IPO
Apana Logistics IPO — date, price band, GMP & allotment 2026
Apana Logistics Ltd provides container handling and transport services at container freight stations, inland container depots and ports, along with road transport and truck-trailer maintenance. Running since 1992, it owned 33 truck-trailers and 5 reach stackers as on 31 August 2025 and serves leading CFS, ICD and port operators.
Stock price
Apana Logistics is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 September.
- Open 07 Sep 2026
- Close 09 Sep 2026
- Allotment 10 Sep 2026
- Refund/credit 11 Sep 2026
- Listing 15 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 9 Sep, 2026 |
|---|---|
| Price Band | ₹60 |
| Face Value | ₹10 |
| Lot Size | 2000 Shares |
| Issue Size | ₹34.14 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 2,40,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 2000 shares at the ₹60 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 4,000 | ₹2,40,000 |
| Retail (max) | 2 | 4,000 | ₹2,40,000 |
| HNI (min) | 3 | 6,000 | ₹3,60,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown, from Rs 1.30 crore in FY2023 to Rs 3.00 crore in FY2024 and Rs 3.17 crore in FY2025.
- 02EBITDA has doubled over the same period, from Rs 3.10 crore in FY2023 to Rs 6.15 crore in FY2025.
- 03Return ratios are good, with RoCE of 26.57% and RoNW of 23.64%, and a PAT margin of 14.49%. At the issue price of Rs 60 the P/E works out to about 17.91 times on an EPS of Rs 3.35.
- 04The company has a long record, having been in this business since 1992.
- 05Customer relationships are long standing. Two of its top five customers have been with it for more than 10 years.
- 06It owns its equipment rather than hiring it, with a fleet of 33 truck-trailers and 5 reach stackers as on 31 August 2025.
- 07Rs 25 crore of the Rs 34.14 crore issue goes into buying reach stackers, which directly adds earning capacity.
- 08Borrowing came down from Rs 9.26 crore in FY2024 to Rs 8.00 crore in FY2025 while net worth rose to Rs 14.41 crore.
Risks · 10
- 01Sales have not recovered to their earlier level. Total income was Rs 27.28 crore in FY2023, fell to Rs 20.33 crore in FY2024 and was Rs 21.61 crore in FY2025, so it is still well below where it was two years earlier.
- 02The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
- 03The promoter names are not stated in the data available to us, and the category wise reservation for the issue is also not available, so both need to be read from the RHP.
- 04The customer base is very small at more than 10 customers, so losing even one large CFS or port operator would be felt immediately.
- 05This is a capital heavy business. Reach stackers and truck-trailers are costly, wear out and need replacing, so spending does not stop after this issue.
- 06Container volumes depend on export and import trade. A slowdown in EXIM cargo directly reduces handling and transport work.
- 07Borrowing of Rs 8.00 crore is high against a net worth of Rs 14.41 crore.
- 08This is a fixed price issue at Rs 60 per share, so there is no price discovery through bidding.
- 09Promoter holding will come down from 100% to 67.5% after the issue.
- 10This is an SME issue. One lot is 2,000 shares, which is Rs 1.20 lakh at the issue price, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Apana Logistics offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 29.42 | 25.56 | 15.07 |
| Total Income | 21.61 | 20.33 | 27.28 |
| Profit After Tax | 3.17 | 3.00 | 1.30 |
| EBITDA | 6.15 | 4.63 | 3.10 |
| NET Worth | 14.41 | 11.87 | 8.87 |
| Reserves and Surplus | 2.65 | 9.90 | 6.90 |
| Total Borrowing | 8.00 | 9.26 | 1.77 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Apana Logistics RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Apana Logistics IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹3.35 |
| P/E Ratio (x) | 17.91 |
| Market Cap at Offer Price (₹ Cr) | ₹56.78 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹60 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹25.00 Cr of the issue is earmarked to named objects.
About the company
Its services cover container handling at container freight stations, known as CFS, at inland container depots, known as ICD, and at ports. It also does road transportation, handles cargo at warehouses owned by other parties, and carries out repair, operation and maintenance of truck-trailers.
Its customers are among the leading CFS, ICD and port operators in India, and the company positions itself on giving cost effective and time effective solutions. As on 31 August 2025 it owned and maintained a fleet of 33 truck-trailers and 5 reach stackers, which are the heavy machines used to lift and stack containers. It serves more than 10 customers and has long standing relationships with them, with two of its top five customers associated with it for over 10 years. As on 31 August 2025 it had 85 permanent employees.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Corporate Makers Capital Ltd.
9 issues handledBest listing: Kwick Forensic Solutions (+66.7%). Weakest: Fly-Hi Maritime Travels (-20.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Apana Logistics?
The current Grey Market Premium is ₹1, or 1.67% over the issue price.
What is the Apana Logistics IPO price band?
₹60, on a face value of ₹10.
When is the allotment?
The basis of allotment is 10 September 2026, with listing on 15 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
