IPO Overview
Incorporated in January 1992, Apana Logistics Limited is engaged in the business of providing logistics support for container handling and transportation. The company provides a diversified range of logistics services, including container handling at Container Freight Stations (CFS), Inland Container Depots (ICD), and ports, road transportation, cargo handling at third-party warehouses, and operation and maintenance of truck-trailers and reach stackers. Its fleet includes truck-trailers, reach stackers, and cranes, enabling it to provide integrated container handling and transportation solutions. Apana Logistics serves leading CFS, ICD, and port operators in India. The company is headquartered in Kolkata, West Bengal.
Apana Logistics IPO is a Fixed Price Issue of ₹34.14 crore, consisting entirely of a fresh issue of 56.90 lakh shares. The IPO opens on 7 September 2026 and closes on 9 September 2026, with a tentative listing date of 15 September 2026 on the BSE SME platform. The issue price is fixed at ₹60 per share with a lot size of 2,000 shares.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 7 September 2026 |
| IPO Close Date | 9 September 2026 |
| Allotment Date | 10 September 2026 (Expected) |
| Refund Initiation | 11 September 2026 |
| Credit to Demat | 11 September 2026 |
| Listing Date | 15 September 2026 (Tentative) |
| Issue Price | ₹60 per share (Fixed) |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 4,000 shares) |
| Minimum Investment (HNI) | ₹3,60,000 (3 lots = 6,000 shares) |
| Issue Size | ₹34.14 crore |
| Fresh Issue | 56,90,000 shares (₹34.14 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will flow directly into the company.
Issue Break-up
| Category | Shares | % of Net Issue |
| Non-Institutional Investors (NII/HNI) | 27,00,000 | 50% |
| Retail Individual Investors (RII) | 27,00,000 | 50% |
| Market Maker (Firm Reservation) | 2,90,000 | — |
| Total | 56,90,000 | 100% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business expansion and capital expenditure.
Objects of the Issue (Fund Utilization)
| Purpose | Estimated Amount (₹ Cr) |
| Purchase of Reach Stackers (Capital Expenditure) | ₹25.00 |
| General Corporate Purposes | ₹5.04 |
| Issue Expenses | ₹4.10 |
| Total | ₹34.14 |
The primary use of IPO proceeds is the purchase of reach stackers to expand the company’s container-handling fleet capacity, directly supporting business growth.
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Limited
- Registrar to the Issue: Kfin Technologies Ltd.
- Market Maker: Prabhat Financial Services Ltd.
Promoters & Management
The company’s promoter is Mr. Pratyaksh Sureka. Post-IPO, promoter and promoter group shareholding will reduce from 100% to 67.5%, with the public holding 32.5% of the total equity.
Company Details
Apana Logistics Limited is an integrated logistics and container-handling company operating across CFSs, ICDs, and port locations in India. The company has built long-standing relationships with major port and logistics operators by offering cost-effective and time-efficient container logistics solutions.
Services Offered:
- Container Handling at CFS, ICD, and Port locations
- Road Transportation of Containers
- Cargo Handling at Third-Party Warehouses
- Operation and Maintenance of Truck-Trailers and Reach Stackers
Fleet (as of March 31, 2026):
- 33 Truck-Trailers
- 5 Reach Stackers
- 2 Cranes
Workforce: As of June 30, 2026, the company had 62 permanent employees comprising personnel across management, accounting, operations, technical, maintenance, and support functions.
Key Competitive Strengths:
- Assured quality of services
- Ability to participate in tenders with an aggressive bidding strategy
- Track record of growth and profitability
- Diverse service offerings and customer base
- Established relationships with leading CFS, ICD, and port operators
- Integrated container handling and transportation capabilities
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹20.33 | ₹3.00 |
| FY25 | ₹21.61 | ₹3.11 |
| FY26 | ₹31.07 | ₹5.86 |
Apana Logistics revenue increased by 44% and profit after tax (PAT) rose by 89% between FY26 and FY25.
The company has been steadily reducing its debt — total borrowings dropped from ₹9.26 crore in FY24 to ₹6.30 crore in FY26, reflecting improving financial health.
Company Strengths
- Strong revenue and profit trajectory — revenue grew 44% and PAT grew 89% in FY26, reflecting rapid operational scale-up
- Integrated logistics capabilities — container handling, road transport, and fleet maintenance all under one umbrella
- Long-standing client relationships with leading CFS, ICD, and port operators provide revenue stability
- Improving profitability metrics — EBITDA margin expanded from 28.70% in FY25 to 36.69% in FY26
- Entire IPO is fresh issue — full capital goes into business growth, specifically fleet expansion through purchase of reach stackers
- Reducing debt profile with improving Debt/Equity ratio — strengthening balance sheet over time
- Aggressive tender participation strategy enables the company to capture new contracts and grow revenue organically
Key Risks & Challenges
- Small scale of operations: Total income of ₹31 crore in FY26 — the company is still relatively small with limited geographic and business diversification
- High client concentration: Revenue is dependent on a limited set of CFS, ICD, and port operators — loss of any key client could significantly impact revenue
- Capital-intensive business: Fleet-based logistics requires continuous capital investment in vehicles and heavy equipment for growth
- Fixed Price Issue: Unlike book-built IPOs, fixed price issues carry higher pricing risk as investors cannot bid within a price range; price discovery is limited
- BSE SME liquidity risk: Limited secondary market trading volumes on BSE SME can make it difficult for investors to exit at desired prices post-listing
- Geographic concentration: Company is based out of Kolkata and operates in select port/ICD locations — limited pan-India presence
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
