Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Fixed Price |
| Face Value | ₹10 |
| Fresh Issue | ₹34.14 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹105.06 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | — |
| NII / HNI | 47.45% |
| Retail | 47.45% |
| Lead Managers | Corporate Makers Capital |
| Registrar | KFin Technologies |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 20.33 | 21.61 | 31.07 | +44% |
| EBITDA | 4.63 | 6.15 | 11.32 | +84% |
| PAT | 3.00 | 3.11 | 5.86 | +88% |
| PAT Margin | 14.8% | 14.4% | 18.9% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Apana Logistics | 17.9x | 33.82% | 18.9% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Pratyaksh Sureka |
| Pre-issue | 100% |
| Post-issue | 67.5% |
| Objects of Issue | |
|---|---|
| Purchase of reach stackers | ₹25.00 Cr |
| General corporate purposes | ₹5.04 Cr |
| Issue expenses | ₹4.10 Cr |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Sharp FY26 growth — revenue +44% and profit +88%, with margins widening to ~19%.
- High returns on capital — ROE ~33.8% and ROCE ~45%.
- Low debt — debt-to-equity ~0.31, and the issue is 100% fresh (no promoter selling).
- Asset-backed logistics niche — container handling and transport with an owned fleet (trailers, reach stackers, cranes).
- Long operating history — incorporated in 1992, serving CFS/ICD/port container movement.
- Tepid demand — the book closed only just covered at 1.31x overall; NII barely participated (0.39x), with retail (2.22x) doing the lifting.
- Rich-ish valuation for the size — ~17.9x post-issue P/E vs a cheaper recent SME logistics peer (~8.65x); soft GMP ~₹10 (~17%).
- Very small, thinly-traded SME — ₹34 Cr issue, ~₹105 Cr market cap; low post-listing liquidity and high volatility.
- Big one-year earnings jump (PAT ₹3.1 → ₹5.9 Cr) — sustainability of the step-up is unproven.
- High minimum ticket (~₹2.4 lakh) limits retail participation; single-promoter concentration.
Did the signal hold up? Updates after Sep 15
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Apana Logistics IPO FAQs
Common questions about the Apana Logistics IPO — GMP, price, dates, allotment and more.
What is Apana Logistics IPO GMP today?
As of the latest update (Subscription: Sep 9, 5:00 PM IST (Day 3 close — final, IPOJI) · GMP: Sep 9 (₹10 IPO Watch ~17%; IPOJI shows no quote)), the grey market premium (GMP) for Apana Logistics IPO is around ₹10, implying an estimated listing price of about ≈ ₹70. GMP is unofficial & indicative
What is Apana Logistics IPO price band?
The price band is ₹60 (fixed) per share (face value ₹10).
What is Apana Logistics IPO lot size?
The lot size is 2,000 · min ₹2,40,000 per application.
When is Apana Logistics IPO allotment?
The tentative basis-of-allotment date is Sep 10.
When will Apana Logistics IPO be listed?
The tentative listing date is Sep 15, 2026 on BSE SME.
What is the expected listing price of Apana Logistics IPO?
Based on the current grey market premium of ₹10, the estimated listing price is around ≈ ₹70 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Apana Logistics IPO?
Our view: Neutral
In simple terms, Apana Logistics is a small Kolkata company that moves and handles shipping containers, and its sales and profits jumped sharply in the last year while it kept very little debt and earned strong returns on its money. On demand, the issue closed only just covered — about 1.31 times overall — carried by retail investors (about 2.2 times) while the larger (NII) investors barely showed up (about 0.4 times); the grey market is soft at around ₹10 (~17%), and the smallest application is large (about ₹2.4 lakh). The business is genuinely good, but a fixed-price SME that only scrapes past full subscription with weak big-investor interest can list quietly — so temper listing-pop expectations and judge it on the Sep 15 debut and the durability of the FY26 jump. This is IPOSignal's research view, not investment advice.
What is Apana Logistics IPO subscription status?
As of Final · Sep 9, 5:00 PM (Day 3 close), the issue was subscribed 1.3× overall — Retail 2.2×, NII / HNI 0.4×.
Who is the registrar of Apana Logistics IPO?
The registrar is KFin Technologies; the lead manager(s): Corporate Makers Capital.