Minerva Capital Research Solutions

Apana Logistics

ListedListed 15 Sep 2026BSE SMENSE: APANACheck allotment
Current price₹ 18.16−69.73% since issue
Listing day0%
Issue price
₹ 60
Issue size
₹ 34.14 Cr.
Min. investment
₹ 1,20,000
Listing price
₹ 60
Subscribed
1.24x
Lot size
2,000 shares
P/E
17.91
RoNW
23.64%
RoCE
26.57%
PAT margin
14.49%
EPS
₹ 3.35
Promoter stake
67.5%

About

Apana Logistics Ltd was started in 1992. The company provides logistics support for handling and moving shipping containers. 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.

Timeline

  1. Opens
    7 Sep
    done
  2. Closes
    9 Sep
    done
  3. Allotment
    10 Sep
    done
  4. Refunds
    11 Sep
    done
  5. Demat credit
    11 Sep
    done
  6. Listing
    15 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 10 on 7 Sep 2026
Lowest
₹ 1 on 9 Sep 2026
First quoted
₹ 3 on 4 Sep 2026

Subscription

How many times each investor group bid for its share, as of 12 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,20,000
Retail (Max)12,000₹ 1,20,000
HNI (Min)24,000₹ 2,40,000

Company overview

Financials

Financials by year
Assets29.4225.5615.07
Total Income21.6120.3327.28
Profit After Tax3.1731.3
EBITDA6.154.633.1
NET Worth14.4111.878.87
Reserves and Surplus2.659.96.9
Total Borrowing89.261.77

Strengths

  • Profit has grown, from Rs 1.30 crore in FY2023 to Rs 3.00 crore in FY2024 and Rs 3.17 crore in FY2025.
  • EBITDA has doubled over the same period, from Rs 3.10 crore in FY2023 to Rs 6.15 crore in FY2025.
  • Return 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.
  • The company has a long record, having been in this business since 1992.
  • Customer relationships are long standing. Two of its top five customers have been with it for more than 10 years.
  • It owns its equipment rather than hiring it, with a fleet of 33 truck-trailers and 5 reach stackers as on 31 August 2025.
  • Rs 25 crore of the Rs 34.14 crore issue goes into buying reach stackers, which directly adds earning capacity.
  • Borrowing 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

  • Sales 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.
  • The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
  • The 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.
  • The customer base is very small at more than 10 customers, so losing even one large CFS or port operator would be felt immediately.
  • This 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.
  • Container volumes depend on export and import trade. A slowdown in EXIM cargo directly reduces handling and transport work.
  • Borrowing of Rs 8.00 crore is high against a net worth of Rs 14.41 crore.
  • This is a fixed price issue at Rs 60 per share, so there is no price discovery through bidding.
  • Promoter holding will come down from 100% to 67.5% after the issue.
  • This 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.

What the money is for

Objects of the issue
Funding capital expenditure requirement of company towards purchase of reach stackers25
General corporate purposes—

Promoters

Promoter holding100%→67.5%before → after the issue · down 32.5 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Corporate Makers Capital Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.