Reviewed by BuyUnlistedShares Research Desk.
Apana Logistics Limited, a Kolkata-based company providing logistics support for container handling and transportation, is opening its ₹34.14 crore initial public offering on September 7, 2026. The SME issue is a 100% fixed-price fresh issue of equity shares and closes on September 9, 2026. This review covers the offer structure, financials, business model, and the strengths and risks disclosed in the offer documents, so you can form your own view before the issue closes.
Apana Logistics IPO: Quick Overview
Issue Size | ₹34.14 crore (56,90,000 shares) |
Fresh Issue | 56,90,000 shares — ₹34.14 crore (100% of the issue) |
Issue Price | ₹60 per equity share (fixed price) |
Face Value | ₹10 per equity share |
Lot Size | 2,000 equity shares |
Minimum Retail Investment | ₹2,40,000 (2 lots / 4,000 shares) |
HNI Minimum Investment | ₹3,60,000 (3 lots / 6,000 shares) |
Open Date | September 7, 2026 |
Close Date | September 9, 2026 |
KFin Technologies Limited is the registrar for the IPO and will manage allotment, refunds, and other investor-related processes. Corporate Makers Capital Limited is the lead manager coordinating the issue. The equity shares are proposed to be listed on the BSE SME platform, with a tentative listing date of September 15, 2026.
About Apana Logistics
Apana Logistics Limited provides comprehensive logistics support for the handling and transportation of containers. The company's service offerings span container handling at Container Freight Stations (CFS), Inland Container Depots (ICD), and ports, road transportation of containers, cargo handling at third-party warehouses, and repair and maintenance of trucks and trailers. Its customer base includes CFS operators, ICDs, ports, and third-party logistics operators.
The company's corporate history traces back to a private entity that was renamed 'Apana Logistics Private Limited' via a fresh certificate of incorporation in October 2007, before converting into a public company and being renamed 'Apana Logistics Limited' in December 2024. The company is headquartered in Kolkata, West Bengal. Pratyaksh Sureka is the promoter, with promoter shareholding expected to reduce from 100% to approximately 67.50% following the issue, while continuing to retain control of the company post-listing.
Financial Performance of Apana Logistics
Figures below are in ₹ crore, drawn from the company's offer document disclosures.
• Revenue: Grew from ₹20.33 Cr in 2024 to ₹21.61 Cr in 2025, an increase of about 6%.
• Profit After Tax: Grew from ₹3.00 Cr in 2024 to ₹3.17 Cr in 2025, an increase of about 6%.
• Valuation snapshot: At the issue price of ₹60, the implied P/E works out to approximately 22.81 times, based on an EPS of about ₹2.63; the pre-issue P/E is reported at approximately 12.09 times.
Strengths of Apana Logistics
• Diverse service offering. Operations span container handling, road transportation, third-party warehouse cargo handling, and truck and trailer repair and maintenance, spreading revenue across multiple logistics services rather than a single activity.
• Broad customer base across the container ecosystem. Serves CFS operators, ICDs, ports, and third-party logistics operators, giving it touchpoints across multiple stages of the container supply chain.
• Ability to participate in tenders. The company positions itself as being able to bid for and win tender-based logistics contracts, a channel that can provide larger, longer-duration work orders.
• Track record of growth and profitability. Both revenue and profit grew year-on-year, with the company maintaining positive profitability.
• Promoter experience. The company cites its promoter's experience and track record in the logistics sector as part of its investment case.
Risks of Apana Logistics
• Customer concentration. The company depends on a limited number of key customers for a majority of its revenue, as disclosed in the offer documents; a decline in revenue from these customers could materially affect its business, results of operations, cash flows, and financial condition.
• Modest revenue growth. Revenue grew by only about 6% year-on-year in the latest reported period, a more measured pace than some peers in the broader logistics and infrastructure space.
• SME listing characteristics. As an SME issue with a fixed price and a minimum ticket size of ₹2,40,000, the stock may see lower post-listing trading volumes compared with mainboard-listed companies.
• Capital-intensive operations. Container handling, transportation, and equipment maintenance are asset- and capital-intensive activities; a meaningful share of issue proceeds is earmarked for equipment purchases (including stackers), reflecting this ongoing capital need.
• Sector cyclicality. Container logistics volumes are tied to broader trade activity and port throughput, making revenue sensitive to cycles in import-export trade.
How to Apply in Apana Logistics IPO
1. Log in to your broker's platform or your bank's net banking application that supports ASBA.
2. Search for 'Apana Logistics Limited' in the IPO section and open its detail page.
3. Review the issue price, lot size, and dates one more time before applying.
4. Select the number of lots (minimum 2 lots, in multiples of 2,000 shares) at the fixed issue price of ₹60.
5. Submit the application using your registered UPI ID and approve the mandate request when it arrives, before the deadline on the closing date.
The application amount stays blocked in your bank account via ASBA/UPI and is debited only on allotment. You can also apply through net banking ASBA directly.
Frequently Asked Questions
Ques 1: What is Apana Logistics IPO?
Apana Logistics IPO is a fixed-price SME issue worth ₹34.14 crore, priced at ₹60 per share. It opens on September 7, 2026 and closes on September 9, 2026, and is proposed to list on the BSE SME platform. KFin Technologies Limited is the registrar.
Ques 2: What is the issue price for Apana Logistics IPO?
Apana Logistics IPO is a fixed-price issue set at ₹60 per equity share, with a face value of ₹10 per share.
Ques 3: What is the lot size for Apana Logistics IPO?
The lot size is 2,000 shares, and retail investors must apply for a minimum of 2 lots (4,000 shares).
Ques 4: What is the minimum investment required?
The minimum investment is ₹2,40,000, based on the fixed issue price for 2 lots (4,000 shares).
Ques 5: When does Apana Logistics IPO open and close?
The IPO opens on September 7, 2026 and closes on September 9, 2026.
Ques 6: When is the Apana Logistics IPO allotment date?
The allotment is expected to be finalised on September 10, 2026.
Ques 7: When will Apana Logistics shares list?
Apana Logistics is expected to list on September 15, 2026, on the BSE SME platform.
Ques 8: Is Apana Logistics IPO a fresh issue or an offer for sale?
It is a 100% fresh issue of 56,90,000 equity shares aggregating up to ₹34.14 crore, with no offer-for-sale component.
Ques 9: What does Apana Logistics do?
Apana Logistics provides logistics support for container handling and transportation, including services at CFS, ICD, and port locations, road transportation, third-party warehouse cargo handling, and repair and maintenance of trucks and trailers.
Ques 10: How will the Apana Logistics IPO proceeds be used?
A significant portion of the fresh issue proceeds is earmarked for the purchase of equipment, including stackers, with the remainder proposed for other corporate purposes as detailed in the offer documents.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.