Apana Logistics IPO
ListedSMELogistics
1.26×
Subscribed
Price band
₹60 – ₹60
Lot size
2,000
1 lot = ₹1,20,000
Issue size
₹34.14 Cr
Open – close
07 Sept 2026
to 09 Sept 2026
Listing
15 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength79/100
- Undemanding valuation12.1× earnings at the upper band, with no peer set published to compare against
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Book coveredThe book is subscribed 1.26× overall
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens07 Sept 2026
- Closes09 Sept 2026
- Allotment10 Sept 2026
- Listing15 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Non-institutionalNII / HNI0.28x
Retail individualRII2.23x
1,662 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 09 Sept 2026.
Chance of allotment
Retail2.23× subscribed
~1 in 2.2
Minimum 2 lots · 4,000 shares · ₹2,40,000 blocked
Retail is 2.23× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.2 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.28× subscribed
Full allotment
Minimum 1 lot · 2,000 shares · ₹1,20,000 blocked
The HNI portion is under-subscribed at 0.28×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹10+16.7%
over the upper band · last seen 14 Sept 2026 · flat since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹60 – ₹60
Face value₹10
Lot size2,000shares
Minimum application₹1,20,000at cut-off
Total issue size₹34.14 Cr
Fresh issue₹34.14 Cr
Listing atSME platform
Anchor investorsNone
Company & valuation
ROE33.82%
ROCE45.00%
Debt/Equity0.31
RoNW33.82%
PAT Margin19.01%
EBITDA Margin36.69%
NAV17.15
Price to Book Value3.50
ISININE1ET101019
RegistrarKFin Techologies Ltd
Lead managersCORPORATE MAKERS CAPITAL LIMITED
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| NII (HNI) | 27,00,000 | 47.45% |
| Retail | 27,00,000 | 47.45% |
| Market Maker | 2,90,000 | 5.10% |
Total issue 56,90,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,40,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,40,0002 lots · 4,000 sh
HNI (Min)₹3,60,0003 lots · 6,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure requirement of our company towards purchase of reach stackers ("Vehicles")₹25 Cr
- 02To meet out the General Corporate Purposes₹5.04 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Apana Logistics Limitedthis issue | 4.96 | 12.10 | 17.15 | 33.82% |
| Premier Roadlines Limited | 5.97 | 6.97 | 44.93 | 14.23% |
| VRL Logistics Limited | 13.54 | 22.15 | 65.31 | 21.27% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of revenue in Fiscal 2026, exposing it to a high risk of customer concentration.
mediumThe Company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of revenue in Fiscal 2026, exposing it to a high risk of customer concentration.
mediumThe Company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of revenue in Fiscal 2026, exposing it to a high risk of customer concentration.
mediumThe Company depends on a limited number of key customers for a majority of its revenues, with the top 5 customers contributing 97.79% of revenue in Fiscal 2026, exposing it to a high risk of customer concentration.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Apana Logistics
Apana Logistics Limited, incorporated in 1992 and headquartered in Kolkata with corporate offices in Mumbai, provides integrated logistics solutions across India. Its operations cover container handling at Container Freight Stations (CFS), Inland Container Depots (ICD), and ports, alongside road transportation, cargo handling at third-party warehouses, and truck-trailer maintenance. Managed by promoter Mr. Pratyaksh Sureka, the company operates via a hybrid model of owned and rented fleet assets, expanding revenue from ₹2,009.64 lakhs in FY24 to ₹3,085.13 lakhs in FY26.
Founded 1992MD Mr. Pratyaksh SurekaSector Logistics
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Apana Logistics IPO GMP today?
The most recent grey-market premium recorded for Apana Logistics is ₹10 per share — about 16.7% over the ₹60 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Apana Logistics IPO subscribed?
Apana Logistics is subscribed 1.26× overall (NII 0.28×, retail 2.23×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KFin Techologies Ltd.
What is the minimum investment in the Apana Logistics IPO?
One lot is 2,000 shares, so a retail application at the ₹60 cut-off price blocks ₹1,20,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Apana Logistics IPO?
The retail portion is subscribed 2.23×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Apana Logistics IPO allotment date?
Allotment is scheduled for 2026-09-10, with listing on 2026-09-15. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KFin Techologies Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.