Apana Logistics IPO GMP, Date, Price Band & Review

Apana Logistics IPO Details

The Apana Logistics IPO is a fixed-price SME issue of ₹34.14 crore, entirely a fresh issue of 56.90 lakh equity shares. Each share has a face value of ₹10.

The IPO is to be listed on the BSE SME platform. The issue price is fixed at ₹60 per share. The minimum market lot for an application is 2,000 shares, but individual (retail) investors must apply for a minimum of 4,000 shares (2 lots). The minimum investment for an individual investor is ₹2,40,000 (4,000 shares). The IPO window will be open for subscription from Monday, September 7, 2026 to Wednesday, September 9, 2026.

Corporate Makers Capital Ltd. is the book-running lead manager and KFin Technologies Ltd. serves as the registrar of the issue.

Apana Logistics IPO Date & Timeline

Apana Logistics Limited filed its DRHP with SEBI/exchange on September 30, 2025 and the issue has now been priced and dated. The IPO will open on Monday, September 7, 2026 and it will close on Wednesday, September 9, 2026. The basis of allotment is expected to be finalised on Thursday, September 10, 2026 and then refunds plus credit of allotted shares will be done to investors’ demat accounts by Friday, September 11, 2026. The listing date on the BSE SME platform is set for Tuesday, September 15, 2026.

Apana Logistics IPO GMP

A “grey market premium”, or GMP, basically means the extra premium at which an IPO’s shares are traded informally before they’re officially listed on the stock exchange.

The Apana Logistics IPO GMP is currently trading at ₹1, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹61, which is 1.67% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Apana Logistics Limited was established in 1992 and has since been providing end-to-end container transportation and logistics services. Headquartered in Kolkata, West Bengal, the company operates as a logistics service provider focused on container handling, road transportation and related cargo-handling activities.

Operating primarily at container freight stations (CFS), inland container depots (ICD), and ports, Apana Logistics offers container handling, road transportation, cargo handling at third-party warehouses, and the repair, operation, and maintenance of truck-trailers (TT). The firm works with some of India’s major container terminals and port operators and, as of August 31, 2025, owned and maintained a fleet of 33 truck-trailers and 5 reach stackers. So far, the company has served more than 10 customers, of which 2 of its top 5 customers have been in long-term relationships for over 10 years.

Operations & Product Range

Apana Logistics Limited specialises in container logistics and transportation services. Its major service categories comprise:

• Container handling: At CFSs, ICDs and ports, including loading, unloading and stacking of containers.
• Road transportation: Container movement by truck-trailers between ports, CFSs, ICDs and customer locations.
• Cargo handling: At third-party warehouses, including stuffing, de-stuffing and related activities.
• Truck-trailer services: Repair, operation and maintenance of truck-trailers (TT) for container transportation.

As of August 31, 2025, the company owned 33 truck-trailers and 5 reach stackers, supported by over 10 customers and around 85 permanent employees. Two of its five largest customers have remained associated with the company for more than ten years, indicating relationship stability in a B2B logistics setup.

Facilities & Capacity

Apana Logistics Limited operates through a network of container-handling points at CFSs, ICDs and ports, supported by its own fleet of truck-trailers and reach stackers. The company’s equipment enables it to lift, move and stack containers efficiently, reducing dependence on hired machinery and improving turnaround times.

The proposed IPO proceeds will primarily finance the purchase of additional reach stackers, which are essential for container handling at ports and depots. This capacity expansion is expected to enhance handling volumes, improve operational efficiency and support the company’s plan to undertake additional contracts with port and terminal operators.

Brands & Market Presence

Apana Logistics Limited operates under the “Apana Logistics” brand as a container logistics and transportation service provider. The company works closely with major container terminals, port operators and CFS/ICD stakeholders, primarily in eastern India.

Its business model is built on long-term relationships with port and terminal operators, with a strong presence in Kolkata and surrounding port ecosystems. The company’s focus on container handling and transportation, coupled with its in-house equipment base, has helped it secure repeat contracts and maintain steady operations over more than three decades.

Revenue Streams & Business Model

Apana Logistics Limited generates revenue primarily through:

• Container handling charges at CFSs, ICDs and ports.
• Road transportation fees for container movement by truck-trailers.
• Cargo handling services at third-party warehouses.
• Truck-trailer repair, operation and maintenance services.

The business model is asset-heavy, relying on owned and hired reach stackers and truck-trailers to execute contracts with port and terminal operators. Revenue grew from ₹27.28 crore in FY2023 to ₹20.33 crore in FY2024 and further to ₹21.61 crore in FY2025, indicating modest top-line recovery after a dip in FY2024. Profitability, however, has improved, with PAT increasing from ₹1.30 crore to ₹3.00 crore and then to ₹3.17 crore over the same period.

Financial Performance

Apana Logistics Limited has shown improving profitability over the last three fiscal years, albeit with modest revenue growth. Total income rose from ₹27.28 crore in FY2023 to ₹20.33 crore in FY2024 and further to ₹21.61 crore in FY2025, while profit after tax (PAT) increased from ₹1.30 crore to ₹3.00 crore and then to ₹3.17 crore over the same period. On a margin basis, EBITDA margin stood at around 28.70% in FY2025, with PAT margin of 14.49%. Key valuation and profitability metrics for FY2025 include ROE of 23.64%, ROCE of 26.57%, debt-to-equity ratio of 0.56 and EPS of ₹2.63 (basic). At the issue price of ₹60, the post-issue P/E works out to around 22–23x FY2025 earnings.

Management & Shareholding

Apana Logistics Limited is promoted by Pratyaksh Sureka. Before the IPO, the promoters and promoter group held 100% of the pre-issue equity shareholding (1.182 crore shares). After the IPO, the shareholding structure will see a dilution following the fresh issue of 56.90 lakh equity shares, with the promoter holding expected to come down to around 67.5% and the public holding around 32.5%.

Board & Key Management

The Board of Directors of Apana Logistics Limited oversees corporate governance, strategic execution and risk management. The board includes experienced directors who bring expertise in logistics, finance and operations, ensuring compliance and strong financial oversight. The company secretary and compliance officer work closely with the board to maintain statutory standards and operational transparency. (Specific independent director names can be added once the RHP is fully parsed.)