Apana Logistics IPO Analysis & Review

Quick Answers

What is the Apana Logistics IPO GMP today? The Apana Logistics IPO GMP is ₹3 as of 6/9/2026, 6:32:57 am. The IPO price band is ₹60 - ₹60. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Apana Logistics IPO open? The Apana Logistics IPO opens on 2026-09-07 and closes on 2026-09-09.

What is the Apana Logistics IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Apana Logistics IPO scored 68/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What does Apana Logistics Limited do?

Apana Logistics Limited provides integrated logistics solutions including container handling at Container Freight Stations (CFS) and Inland Container Depots (ICD), road freight transportation, warehouse cargo management, and maintenance of truck-trailers.

What is the issue size and price of the Apana Logistics IPO?

The IPO issue size is ₹34.14 Crores, offered at a fixed price of ₹60 per share with a minimum lot size of 2,000 shares (minimum investment of ₹2,40,000 for 4,000 shares).

When does the Apana Logistics IPO open and close?

The IPO opens on September 7, 2026, and closes on September 9, 2026. Allotment is finalized on September 10, 2026, and listing is tentatively scheduled for September 15, 2026.

Who is the key promoter and leader of Apana Logistics Limited?

The company is led by Managing Director and CEO Mr. Pratyaksh Sureka.

What are the key financial trends of Apana Logistics Limited?

The company's revenue grew from ₹2,009.64 lakhs in FY24 to ₹3,085.13 lakhs in FY26. Net profit increased from ₹300.31 lakhs in FY24 to ₹586.47 lakhs in FY26.

What are the major risk factors disclosed by Apana Logistics Limited?

Key risks include severe revenue reliance on top 5 customers (97.79% of FY26 revenue), related-party revenue exposure (14.46%), past statutory filing delays (GST, EPF, TDS, ESIC), untraceable early corporate records, and dependence on rented operational assets.

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Home›India›Apana Logistics ()
Apana Logistics Logo

Apana LogisticsNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Logistics & Freight ServicesIndiaFiled 2026-09-07Listing 2026-09-15Size ₹34.03Cr
Lot Size 2000
Live GMP
₹3 (+5%)
Check Allotment
Status Link

Is Apana Logistics IPO Good? Quick Verdict

Apana Logistics IPO scored 68/100 (Moderate Risk) in our deep analysis. The strongest pillar is Valuation at 80/100, while Competition is the primary concern at 35/100. Apana Logistics Limited demonstrates solid revenue and profit growth in the logistics space, but presents notable risks due to extreme customer concentration and historical compliance lapses.

IPO Score
68/100
Moderate Risk

Quick Verdict

Net profit almost doubled from ₹300.31 lakhs in FY24 to ₹586.47 lakhs in FY26.
Established presence across major industrial states including Karnataka, Maharashtra, West Bengal, and Gujarat.
Extreme customer concentration, with top 5 customers accounting for 97.79% of FY26 revenue.
Historical compliance flaws including untraceable early corporate records and past filing delays in GST, TDS, EPF, and ESIC.

Company Snapshot

Revenue (TTM)
₹30.85Cr↑ 43.89% YoY
Profitability
PositiveNet Income ₹5.87Cr
Gross Margin
— 
Market Cap (Post-IPO)
₹34.1CrAt upper band ₹60
IPO Size
₹34.03Cr 
Industry
Logistics & Freight Services 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
70
Moderate
Financial
75
Moderate
Valuation
80
Excellent
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Apana Logistics Limited, incorporated in 1992 and headquartered in Kolkata, provides integrated logistics services including container handling, road transportation, and cargo warehousing across India. The company is tapping the capital markets with a ₹34.14 Crore IPO at a fixed price of ₹60 per share. Financially, Apana Logistics Limited expanded its top-line revenue from ₹2,009.64 lakhs in FY24 to ₹3,085.13 lakhs in FY26, accompanied by a rise in net profit to ₹586.47 lakhs. However, the business carries significant customer concentration, with its top 5 clients generating 97.79% of total FY26 revenue.

Overall Verdict: Apana Logistics Limited demonstrates solid revenue and profit growth in the logistics space, but presents notable risks due to extreme customer concentration and historical compliance lapses.

Key Highlights

  • •Incorporated in 1992, headquartered in Kolkata with corporate office in Mumbai.
  • •Operates an integrated logistics model comprising CFS/ICD container handling, road transport, third-party warehousing, and fleet maintenance.
  • •Total issue size of ₹34.14 Crores priced at ₹60 per share with a minimum lot size of 2,000 shares.
  • •Revenue increased from ₹2,009.64 lakhs in FY24 to ₹3,085.13 lakhs in FY26.
  • •Net income grew from ₹300.31 lakhs in FY24 to ₹586.47 lakhs in FY26.
  • •Promoter Mr. Pratyaksh Sureka oversees operations managed via a hybrid model of owned and rented assets.

Financial Performance

Revenue (Annual)

↑ +43.9% YoY

INR in Crores

Net Income (Annual)

Profitability

INR in Crores

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-07
IPO Closes2026-09-09
Basis of Allotment2026-09-10
Refunds & Demat2026-09-11
Listing Date2026-09-15

Valuation Analysis

IPO Price₹60
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
55
Governance
70
Profitability
75
Valuation
80
Competition
35
Execution
60

Pros vs Cons

Pros

  • Diversified service footprint spanning container handling at ports/CFS/ICD, road transportation, and cargo handling.
  • Robust profit expansion with net income growing from ₹300.31 lakhs in FY24 to ₹586.47 lakhs in FY26.
  • Multi-state operational reach with established bidding capabilities in key states like Gujarat, Maharashtra, Karnataka, and West Bengal.

Cons

  • Extremely high customer concentration, with the top 5 clients representing 97.79% of FY26 total revenue.
  • Historical regulatory non-compliance including untraceable early company records and delayed statutory tax/provident fund filings (GST, TDS, EPF, ESIC).
  • Exposure to related-party dealings (14.46% of FY26 revenue) and directors holding stakes in competing logistics businesses.
  • Operational vulnerability due to reliance on rented office spaces and third-party vendor equipment.

Financial Health

Revenue Growth
53.5% growth from FY24 to FY26 (Good)
Debt Level
Not fully disclosed; relies on hybrid owned/rented model (Moderate)
Cash & Equivalents
Historical negative cash flows from investing and financing activities (Weak)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Not Disclosed

Apana Logistics IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Apana Logistics IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Apana Logistics

What is the expected listing price of Apana Logistics?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Apana Logistics on our Live GMP Tracker.