Bidding Closed
Awaiting listing
Listing Date
15 Sep 2026
- Price Band
- ₹60 – ₹60
- Lot Size
- 2000
- Lot Value
- ₹1,20,000
- Open Date
- 07 Sep 2026
- Close Date
- 09 Sep 2026
- Min Investment
- ₹1,20,000
About Apana Logistics
Provides container handling, road transportation, cargo handling, and truck/trailer operation and maintenance services
Use of IPO Proceeds
Total allocation: ₹25.00 Cr (excludes issue expenses)
Promoters
Pratyaksh Sureka
Chairman & Managing Director
Pre-issue: 89.46%
Adarsh Sureka
Pre-issue: 1%
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Significant presence in container handling, growing from 3.89% to 64.41% of revenue
- •Established operations across Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh
- •Long-term customer contracts typically ranging from 2 to 5 years
Risk Factors (6)
- •High customer concentration with top 5 customers representing 98.85% of FY25 revenue exposes company to significant revenue loss risk.
- •Dependence on third-party service providers and vendors for operations could disrupt business if relationships fail or services underperform.
- •Board lacks prior listed company directorship experience except one member, potentially challenging corporate governance compliance and investor credibility.
- •Shortfall or delay in IPO proceeds mobilization could inadequately fund growth plans and adversely affect business operations and profitability.
- •Stock exchange circuit breaker restrictions may limit shareholders' ability to sell equity shares at desired prices during volatile periods.
- •Changing laws, regulations, and adverse tax application could adversely impact business operations, financial condition, and results.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations.”
- ✅Subscribed 1.2x
- ⚠️Neutral GMP +2%
- ⚠️6 risk factors noted
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
Latest: ₹1 (+1.67%)Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| Retail (max) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,80,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | — | — | — |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.39x | 1.12x | 2.21x |
| Total | 0.20x | 0.58x | 1.23x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
2.21x
Allotment Ratio
1 lot per 3 applicants
Allotment Probability
~45.2%
Non-Institutional Investors (NII / HNI)
Subscription
0.35x
Allotment Type
Proportionate allotment
Total Subscription
1.23x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
IPO Timeline
Issue Opens
07 Sep 2026 · Mon
Issue Closes
09 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
09 Sep 2026 · 5:00 PM IST
Allotment
10 Sep 2026 · Thu
Listing
15 Sep 2026 · Tue
Issue Opens
07 Sep 2026 · Mon
Issue Closes
09 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
09 Sep 2026 · 5:00 PM IST
Allotment
10 Sep 2026 · Thu
Listing
15 Sep 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹34.14 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Corporate Makers Capital Limited |
3-Year Financial Summary
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | — | 3.11 | — | — | 21.56% |
| FY24 | — | 3 | — | — | 25.30% |
| FY23 | — | 1.3 | — | — | 14.67% |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 3.1 | 4.63 | 6.15 |
| Net Worth | 8.87 | 11.87 | 14.41 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY25)
—
Earnings per share
RoNW
21.56%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | ₹18.00 Cr |
| Issued Capital | — |
| Paid-up Capital | ₹11.82 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Apana Logistics offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Apana Logistics's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Apana Logistics's filing.
Source: Apana Logistics offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
Reservation split not disclosed in this filing.Not disclosed in Apana Logistics's filing.
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Apana Logistics offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Pratyaksh Sureka₹0.12 Cr p.a.
Chairman and Managing Director
Founder and promoter of the Company
- Vasant Vitthal Dongre₹0.01 Cr p.a.
Whole-Time Director & Chief Financial Officer
- Shankar Viswanathan
Non-Executive and Independent Director
B.E. in Civil Engineering from the Indian Institute of Technology, Madras. Post-Graduate Diploma in Materials Management from Annamalai University
Served at Chennai Port Trust from 1986 to 2016 progressing from Assistant Engineer to Superintending Engineer. Joined Mormugao Port Trust in 2016 as Materials Manager, later promoted to Chief Materials Manager
- Farzan Ghadially
Non-Executive and Independent Director
Post-Graduation Diploma in banking and finance from the National Institute of Bank Management in Pune
More than 9 years of experience in field of academics and management. Professional visiting faculty at SP Jain Institute of Management Studies
- Pawanlata Kaul Mam
Non-Executive and Independent Director
Master of Arts in Political Science and a Bachelor of Arts from the University of Kashmir. Certified Associate of the Indian Institute of Bankers (CAIIB). Course in Credit Management from the National Institute of Bank Management
44 years of experience in the banking sector, having served in leadership roles with Indian Bank, including as Deputy General Manager, before retiring in 2020
Key Managerial Personnel (2)
- Neelam Damji Shah
Company Secretary & Compliance Officer
Member of Institute of Company Secretary of India
Over 13+ years of distinguished experience in Corporate Governance and legal functions pertaining to Listing including Corporate Affairs and Governance
- Brijesh Kumar Singh₹0.04 Cr p.a.
Operation head
Bachelor of Commerce from University of Mumbai
Over 12 years experience. Part of the Company since February 16, 2018
Source: Apana Logistics offer document (DRHP/RHP).
Industry & Market
Industry figures as stated in Apana Logistics's offer document.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Apana Logistics IPO opening?
The Apana Logistics IPO opens on 07 Sep 2026 and closes on 09 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Apana Logistics IPO?
The price band for the Apana Logistics IPO is ₹60 to ₹60. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Apana Logistics IPO?
The minimum lot size is 2000 shares with a minimum investment of ₹1,20,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Apana Logistics IPO today?
The latest Grey Market Premium for Apana Logistics is ₹1 (+1.67%). GMP is unofficial data and is not a guarantee of listing price.
When will the Apana Logistics IPO list on NSE and BSE?
The Apana Logistics IPO is expected to list on 15 Sep 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Apana Logistics IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Apana Logistics IPO a mainboard or SME issue?
Apana Logistics is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Apana Logistics IPO?
You can apply for the Apana Logistics IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Apana Logistics IPO?
Based on the current GMP of ₹1, the expected listing price of Apana Logistics is ₹61 (issue price ₹60 + GMP ₹1). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Apana Logistics IPO?
Based on the retail subscription of 2.21x, the estimated allotment ratio is 1 lot per 3 applicants (approximately 45.2% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Apana Logistics IPO?
Based on our algorithmic analysis, Apana Logistics IPO is rated NEUTRAL with high confidence. Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| Qualiance International Limited | 11 Sep 2026 | +87.42% |
| Fly-Hi Maritime Travels | 08 Sep 2026 | -20.00% |
| Farm Peace | 08 Sep 2026 | +90.00% |
Related IPOs
Related Articles
Multiple IPO Apps Won't Boost Your Allotment: The PAN Rule Explained
Many retail investors think using PhonePe, BHIM and their broker app for the same IPO creates multiple chances. It doesn't. Here is how SEBI's PAN rule actually works and the only legitimate way to improve household allotment odds.
Read more →
How-ToHow to Analyse an Indian IPO in Under 60 Minutes: A Retail Investor's Checklist
A practical, DRHP-first framework retail investors can use to size up an Indian IPO quickly, covering financials, valuation, peer comparison, use of proceeds and risk factors.
Read more →
How-ToHow to Read Broker and Influencer IPO Recommendations Critically
IPO tips flood social media and broker channels during every busy listing season. Here is how to tell credible analysis from paid hype, what SEBI actually requires, and the red flags worth checking before you trust any recommendation.
Read more →