Apana Logistics IPO

About Apana Logistics IPO

The Apana Logistics IPO, an SME IPO, opens on Monday, September 07, 2026 and closes on Wednesday, September 09, 2026. The allotment of shares will take place on Thursday, September 10, 2026. The credit of shares to the demat account will take place on Friday, September 11, 2026. The initiation of refunds will take place on Friday, September 11, 2026. The listing of shares will take place on Tuesday, September 15, 2026.

The equity shares of the company are proposed to be listed on the BSE SME platform.

The offer consists of a fresh issue component. The fresh issue will include 56,90,000 shares aggregating up to ₹34.14 crore. This is a fixed-price issue at ₹60 per equity share. The market lot is 2,000 shares, and the minimum application is 2 lots. The minimum amount of investment required by a retail investor is ₹2,40,000 (4,000 shares) at the issue price.

Apana Logistics is an integrated logistics company that handles and transport s containers using a fleet of reach stackers, forklifts, and trucks-trailers. It serves container freight station, inland container depot, and port operators through container handling, road transportation, cargo handling, and equipment maintenance services.

Objectives of Apana Logistics IPO

• Funding the capital expenditure requirement of the company towards the purchase of reach stackers.
  
• General corporate purposes.
  

Industry Outlook

India's logistics sector is expanding. Growth is powered by rising economic activity, sustained infrastructure spending, and the fast growth of e-commerce across the country. The National Logistics Policy and the PM Gati Shakti National Master Plan aim to cut logistics costs from 13-14% of GDP to below 10% by 2030.

The road-freight market remains highly fragmented. Small fleet owners make up roughly 70% of the sector and operate on thin margins of 8-12%. Around 75% of truck supply comes from operators running five or fewer vehicles, and their assets sit idle for an estimated 25-30% of the time.

Capacity constraints persist. India's fleet exceeds 8.5 million trucks, yet nearly 28% remain idle because of a driver shortage, causing an estimated annual loss of around ₹60,000 crore. Road transportation still moves more than half of the country's freight traffic, which keeps demand for organised operators firm.

Apana Logistics works in container handling, road transportation, and cargo handling. These segments stand to gain from the government's infrastructure push, new ports, and dedicated freight corridors. Its record of qualifying for CFS, ICD, and port tenders gives it access to institutional demand as trade volumes rise.

About Apana Logistics

Apana Logistics was incorporated in 1992 as Surya Top Sale Private Limited. It was renamed Apana Logistics Private in October 2007, and it converted into a public company in December 2024. The company provides logistics support for the handling and transportation of containers.

Its services cover container handling at CFS, ICD, and port locations, road transportation, cargo handling at third-party warehouses, and the operation and maintenance of trucks-trailers. As of March 31, 2026, the company owned 33 truck-trailers, five reach stackers, and two cranes. It runs a hybrid model that combines owned assets with third-party capacity engaged on demand.

Apana Logistics serves leading CFS, ICD, and port operators across Karnataka, Maharashtra, West Bengal, Gujarat, and Goa. Its order book stood at ₹8,034.63 lakhs as of March 31, 2026. Promoter and Chairman and Managing Director Pratyaksh Sureka leads a team whose cumulative logistics experience exceeds 34 years.

Strengths of Apana Logistics

• Offers a diversified service mix spanning container handling, road transportation, cargo handling, and truck-trailer maintenance across the logistics chain.
• Its top five customers contributed 97.79% of revenue from operations in FY26, reflecting deep and long-standing client relationships.
• Operates a hybrid asset model, owning 33 truck-trailers, five reach stackers, and two cranes as of March 31, 2026, supplemented by third-party capacity.
• Its track record of qualifying for government and semi-government tenders at CFS, ports, and ICDs supports an order pipeline of ₹8,034.63 lakhs.

Risks of Apana Logistics

• Revenue is concentrated in a few states, including Maharashtra, Karnataka, Goa, and West Bengal, leaving financial performance exposed to regional disruptions.
• Operations depend on reach stackers, trailers, and handling equipment, making breakdowns or mishaps a potential source of service interruptions and higher costs.
• Delays or defaults in customer payments could strain working capital, which is required in significant amounts to fund day-to-day operations.
• Negative cash flows from investing and financing activities in recent years could continue to put pressure on the financial position.
• Firm orders for the reach stackers to be funded by the issue have not yet been placed, exposing the planned capital expenditure to potential time and cost overruns.

Anchor Investor Bidding Date

Anchor investor allocation is not applicable for this SME IPO.

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Email Id: apanalogistics.ipo@kfintech.com
Phone: +91-4067162222

Lead Manager
Corporate Makers Capital Limited

Apana Logistics Contact Details
11A, Rajshree, 6 Hastings Park Road, Kolkata, West Bengal, India- 700027.
Email Id: email@apanalogistics.com
Phone: +91-22-69328885

Apana Logistics Business Model

The company earns its revenue through providing integrated logistics services for the handling and transportation of containers. Its revenue streams span four verticals: container handling at CFS, ICD, and port locations; road transportation; cargo handling at third-party warehouses; and the operation and maintenance of trucks-trailers. In FY 26, road transportation contributed 48.94% of revenue from operations and container handling contributed a further 43.34%. The company prices its services under contracts and tenders won from CFS, ICD, and port operators, and it operates a hybrid model that blends owned equipment with third-party assets to manage cost and service quality. Apana Logistics Growth Trajectory

Apana Logistics's Total Income for FY26 was ₹31.07 crore, whereas in FY25 and FY24 it was ₹21.61 crore and ₹20.33 crore, respectively.

The Profit After Tax for FY26 was ₹5.86 crore, whereas in FY25 and FY24 it was ₹3.11 crore and ₹3.00 crore, respectively.

Their EBITDA for FY26 was ₹11.32 crore, whereas in FY25 and FY24 it was ₹6.15 crore and ₹4.63 crore, respectively.

Apana Logistics Market Position

Apana Logistics serves leading CFS, ICD, and port operators, with operations across Karnataka, Maharashtra, West Bengal, Gujarat, Goa, Andhra Pradesh, and Madhya Pradesh. As of March 31, 2026, the Company owned a fleet of 33 truck-trailers, five reach stackers, and two cranes, supported by third-party capacity engaged on demand. Its order book stood at ₹8,034.63 lakhs, providing forward revenue visibility.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹31.07 crore, ₹5.86 crore, and ₹11.32 crore, respectively.

How to apply for Apana Logistics IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.