The Apana Logistics IPO opened for subscription on September 7, 2026, with a ₹34.14 crore fixed-price issue priced at ₹60 per share. According to reports from The Economic Times, the IPO comprises an entirely fresh issue of 56.90 lakh shares and will remain open for subscription until September 9, 2026. The basis of allotment is expected to be finalised on September 10, 2026, while shares are tentatively scheduled to make their BSE SME debut on September 15, 2026. The IPO is structured with bidding in multiples of 2,000 shares, with retail investors requiring a minimum investment of ₹2.40 lakh (4,000 shares) and HNI investors needing ₹3.60 lakh (6,000 shares).
In the grey market, Apana Logistics shares are currently commanding a Grey Market Premium (GMP) of ₹8, indicating significantly positive sentiment among investors. This premium suggests a potential listing price of ₹68 per share, representing a substantial increase from the earlier reported 5% GMP of around ₹63 per share. The GMP serves as an unofficial and unregulated indicator of market sentiment that can change before listing and does not guarantee actual listing price or returns.
For retail investors, the minimum application is 4,000 shares (two lots), requiring an investment of ₹2.40 lakh at the issue price. According to The Economic Times, for HNI investors, the minimum application is three lots (6,000 shares), translating into an investment of ₹3.60 lakh. The IPO has a lot size of 2,000 shares with Corporate Makers Capital Ltd. serving as the book-running lead manager and Kfin Technologies Ltd. acting as the registrar. The issue is reserved for 50% of the offer (27 lakh shares) for retail investors and 50% for non-institutional investors.
Apana Logistics serves leading Container Freight Station (CFS), Inland Container Depot (ICD) and port operators in India, providing cost- and time-effective logistics solutions. As reported by The Economic Times, as of August 31, 2025, the company owned and maintained a fleet of 33 truck-trailers, 5 reach stackers and 2 cranes. The company had 85 permanent employees as of August 31, 2025, comprising personnel across management, accounting and computer, operations, technical, maintenance and support functions. The company has been in operation since 1992 and serves more than 10 customers with long-standing relationships, with two of its top five customers associated for over 10 years.
The company's financial performance shows mixed trends with total income declining from ₹27.28 crore in FY2023 to ₹21.61 crore in FY2025, though it recovered from the FY2024 low of ₹20.33 crore. Profit After Tax grew from ₹1.30 crore in FY2023 to ₹3.17 crore in FY2025, while EBITDA doubled from ₹3.10 crore in FY2023 to ₹6.15 crore in FY2025. The company maintains strong return ratios with RoCE of 26.57% and RoNW of 23.64%, and a PAT margin of 14.49%. At the issue price of ₹60 per share, the P/E ratio works out to approximately 17.91 times on an EPS of ₹3.35. The company's net worth increased to ₹14.41 crore while total borrowing decreased from ₹9.26 crore in FY2024 to ₹8.00 crore in FY2025.
