Apana Logistics Ltd IPO
Status: Closed
Overview
IPO date
07 Sept 2026 to 09 Sept 2026
Face value
₹ 10 per share
Price
₹ 60 to ₹60 per share
Issue Size
5,690,000 shares
(aggregating up to ₹ 34.14 Cr)
(aggregating up to ₹ 34.14 Cr)
Allotment Date
10 Sept 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Logistics
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T&C*
Strengths vs Risks of Apana Logistics Ltd
Know the pros & cons
Strengths
- Diverse service offering and customer base.
- Ability to participate in tenders.
- Assured quality services.
- Track record of growth and profitability.
- Promoters experience and track record.
Risks
- The company depends on a limited number of key customers for a majority of its revenues, which exposes the company to a high risk of customer concentration. A decrease in the revenues its derives from them could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
- The company depends on its network partners, third-party service providers and vendors/suppliers in certain aspects of the company operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.
- The company is unable to trace some of its historical records including minutes of the Board and Shareholders meetings and corresponding form filings. While the company has conducted a search with the RoC, in respect of the unavailability of such forms and other records, its cannot assure you that such forms or records will be available at all or any time in the future. Further there have been certain instances of non-compliances in respect of ROC filing or payments. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of all applicable law and other law could impact on the financial position of the Company to that extent. Further, few form are not available in the company records.
- Significant portion of the company's revenue from operations for the period ended Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively are from related parties. Further, the company has in the past entered into other related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with its shareholders and Directors.
- The company is dependent on the performance of industries in which its customers operates, particularly Container Freight Station (CFS) and Inland Container Depots (ICD), and fluctuations in the performance of such industries may result in a loss of such customers, a decrease in the volume of work the company undertake or the price at which its offer the company services.
- Certain of the company's Directors are involved in one or more ventures which are in the same line of business as that of the Company.
- The company operations are dependent on functioning of its vehicles and material handling equipment's and any breakdown, mishaps or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.
- There may be delays or defaults in payment by the company's customers or the tightening of payment periods by third- party service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company's working capital requirements may materially and adversely affect its business, cash flows and financial condition.
- The company currently does not hold any registered Intellectual Property Rights in its name, and this may effect the company's ability to obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company's business is operating under various laws which requires it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company's inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company's business, prospects, results of operations and financial condition.
- The company generates a substantial portion of revenue from the regions of Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh and Gujarat. Any adverse developments affecting its operations in such regions could have an adverse impact on the company's revenue and results of operations.
- The company does not verify the contents of the goods handled and transported by it, thereby exposing the company to the risks associated with the handling and transportation of goods in violation of applicable regulations.
- Its may be unable to successfully implement the company's business plan and growth strategies, which could materially and adversely affect its business, results of operations and financial condition.
- The company is highly dependent on its Promoters, Key Managerial Personnel and the company's Senior Management Personnel and any inability on its part to retain or find suitable replacements for such personnel could adversely affect the company's business, results of operations and financial condition.
- The company's business requires it to obtain and renew certain registrations, licenses, and permits in the ordinary course of the company's business. Its inability to obtain, renew or maintain the company's statutory and regulatory permits and approvals required to operates its business may have a material adverse effect on the company's business, financial condition and results of operations.
- The Company and Promoter and Promoters Group are party to certain litigation and claims. Any adverse decision may make it liable to liabilities/penalties and may adversely affect the company's reputation, business and financial status.
- The company's lenders have charge over its movable properties (vehicles) in respect of finance availed by the company.
- The company's Promoter and Promoters Group have extended their personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The company has incurred borrowings from commercial banks and NBFCs and any non-compliance with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company has certain contingent liabilities that may adversely affect its financial condition.
- The objects of the Offer have not been appraised by any bank or financial institution and the company cannot assure you that the objects of the Offer will be achieved within the expected time frame, or at all, and any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements, which may not result in growth. The company is yet to place orders or enters into definitive agreements with the vendors in relation to such capital expenditure requirements.
- The company's Registered office and corporate office are not owned by it but are rented and on leave and licenses basis. Any adverse impact on the title or ownership rights of the owner or breach of the terms or non-renewal of the lease agreement on commercially favourable terms or at all may lead to disruptions and may materially and adversely impact the company's business, financial condition, results of operations and cashflows.
- The company's Promoters and Promoter Group will be able to exercise significant influence and control over its operations after the issue and may have interests that are different from those of the company's other shareholders.
- The company's insurance coverage may not adequately protect it against potential risk, and this may have a material adverse effect on the company's business.
- The Company had negative cash flows during certain fiscal years in relation to its investing and financing activities. Negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- There has been instance of delayed filings of return and depositing of statutory dues with regulatory authorities.
- The company is subject to various risks associated with transportation and the company may faces claims relating to loss or damage to goods, personal injury claims or other operating risks that are not adequately insured.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The company's business is manpower intensive and its continued success and ability to meet future business challenges depends on the company and its network partners'/ third-party service providers' ability to attract, recruit and retain experienced, talented and skilled professionals.
- The Company may not be able to deliver the cargo on timely basis due to which its could become liable to claims by the company's customers, suffer adverse publicity and incur substantial cost as result of deficiency in its service which could adversely affect the company's results of operations.
- Inability to maintain adequate internal controls may affect the company's ability to effectively manage its operations, resulting in errors or information lapses.
- Some of the company's Promoters as well as some Directors on its Board and their relatives hold Equity Shares and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Industry information included in this Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate. Further, neither the company nor the Lead Manager have independently verified certain data in this Prospectus.
- The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The average cost of acquisition of Equity Shares for the company's Promoters may be lower than the Issue Price.
- The company operations may be subject to strikes and work stoppages by its employees and are also susceptible to risks relating to compliance with labour laws, either of which could result in an increase in the company's employee benefits expense impacting its profitability.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of reach stackers ("Vehicles"). In the event of any delay in placing the orders, or in the event the vendors are not able to provide the vehicles in a timely manner, or at all, the same may result in time and cost over-runs.
- The company has witnessed a reduction in its revenue from operations in the past, from Rs. 2,714.18 lakhs in Fiscal 2023 to Rs.2,009.64 lakhs in Fiscal 2024. There can be no assurance that the company will not witness reduction in its revenue from operations in future.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
- The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- None of the company's Directors have any prior experience of being a Director in any other listed Company in India.
- Any future unusual or infrequent events or transactions may adversely affect the company's financial performance.
Apana Logistics Ltd Peer Comparison
Understand the company’s industry standing
Apana Logistics Limited
Premier Roadlines Limited
VRL Logistics Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
30.8513
330.7562
3221.11
EPS-Basis
4.96
5.97
13.54
EPS-Diluted
---
---
---
NAV Per Share
17.15
44.93
65.31
P/E-Basic EPS
12.10
6.97
22.15
P/E-Diluted EPS
---
---
---
RONW(%)
33.82
14.23
21.27
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 07 Sept 2026 & closes on 09 Sept 2026.
Apana Logistics Limited was originally incorporated as a Private Limited Company as 'Surya Top Sale Private Limited' on January 22, 1992 at West Bengal. The name of the Company was changed from 'Surya Top Sale Private Limited' to 'Apana Logistics Private Limited' vide fresh Certificate of Incorporation dated October 09, 2007 issued by Deputy Registrar of Companies, West Bengal. Subsequently, it converted into a Public Company, and name of the Company was changed from 'Apana Logistics Private Limited' to 'Apana Logistics Limited' on December 03, 2024 by the Central Processing Centre.
Company is engaged in the business of providing logistics solutions for handling and transportation of containers, wherein the fleet is inclusive of reach stackers, forklifts, truck-trailers (TT). The key services are diversified including, Container handling at CFS/ICD/port, road transportation, cargo handling at third-party warehouses, and operation & maintenance of trucks-trailers (TT). Company also serve some of the top leading CFS/ICD/Port Operators in India. Apart from this, it holds experience in operations and maintenance services to ensure efficient handling of reach stackers. In addition to cargo handling, Company also have better supply chain, regional market dynamics for transportation and good relationships with CFS, ICD's and Ports for delivery cost and time effective solutions.
Company is planning the Initial Public Offer of 56,90,000 Equity Shares having the face value Rs 10 each through Fresh Issue.
Apana Logistics Ltd IPO will close on 09 Sept 2026.
- Diverse service offering and customer base.
- Ability to participate in tenders.
- Assured quality services.
- Track record of growth and profitability.
- Promoters experience and track record.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Pratyaksh Sureka | 10573800 | 89.46 | 10573800 | 60.39 |
| 2 | Adarsh Sureka | 118200 | 1 | 118200 | 0.68 |
| 3 | Krishna Shrawan Sureka | 1008000 | 8.53 | 1008000 | 5.76 |
| 4 | Aanchal Pratyaksh Sureka | 118200 | 1 | 118200 | 0.68 |
| 5 | Bhani Ram Sureka | 600 | 0.01 | 600 | --- |
| 6 | Bimla Devi Sureka | 600 | 0.01 | 600 | --- |
| 7 | Shrawan Kumar Sureka | 600 | 0.01 | 600 | --- |
- The company depends on a limited number of key customers for a majority of its revenues, which exposes the company to a high risk of customer concentration. A decrease in the revenues its derives from them could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
- The company depends on its network partners, third-party service providers and vendors/suppliers in certain aspects of the company operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.
- The company is unable to trace some of its historical records including minutes of the Board and Shareholders meetings and corresponding form filings. While the company has conducted a search with the RoC, in respect of the unavailability of such forms and other records, its cannot assure you that such forms or records will be available at all or any time in the future. Further there have been certain instances of non-compliances in respect of ROC filing or payments. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of all applicable law and other law could impact on the financial position of the Company to that extent. Further, few form are not available in the company records.
- Significant portion of the company's revenue from operations for the period ended Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively are from related parties. Further, the company has in the past entered into other related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with its shareholders and Directors.
- The company is dependent on the performance of industries in which its customers operates, particularly Container Freight Station (CFS) and Inland Container Depots (ICD), and fluctuations in the performance of such industries may result in a loss of such customers, a decrease in the volume of work the company undertake or the price at which its offer the company services.
- Certain of the company's Directors are involved in one or more ventures which are in the same line of business as that of the Company.
- The company operations are dependent on functioning of its vehicles and material handling equipment's and any breakdown, mishaps or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.
- There may be delays or defaults in payment by the company's customers or the tightening of payment periods by third- party service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company's working capital requirements may materially and adversely affect its business, cash flows and financial condition.
- The company currently does not hold any registered Intellectual Property Rights in its name, and this may effect the company's ability to obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company's business is operating under various laws which requires it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company's inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company's business, prospects, results of operations and financial condition.
- The company generates a substantial portion of revenue from the regions of Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh and Gujarat. Any adverse developments affecting its operations in such regions could have an adverse impact on the company's revenue and results of operations.
- The company does not verify the contents of the goods handled and transported by it, thereby exposing the company to the risks associated with the handling and transportation of goods in violation of applicable regulations.
- Its may be unable to successfully implement the company's business plan and growth strategies, which could materially and adversely affect its business, results of operations and financial condition.
- The company is highly dependent on its Promoters, Key Managerial Personnel and the company's Senior Management Personnel and any inability on its part to retain or find suitable replacements for such personnel could adversely affect the company's business, results of operations and financial condition.
- The company's business requires it to obtain and renew certain registrations, licenses, and permits in the ordinary course of the company's business. Its inability to obtain, renew or maintain the company's statutory and regulatory permits and approvals required to operates its business may have a material adverse effect on the company's business, financial condition and results of operations.
- The Company and Promoter and Promoters Group are party to certain litigation and claims. Any adverse decision may make it liable to liabilities/penalties and may adversely affect the company's reputation, business and financial status.
- The company's lenders have charge over its movable properties (vehicles) in respect of finance availed by the company.
- The company's Promoter and Promoters Group have extended their personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The company has incurred borrowings from commercial banks and NBFCs and any non-compliance with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company has certain contingent liabilities that may adversely affect its financial condition.
- The objects of the Offer have not been appraised by any bank or financial institution and the company cannot assure you that the objects of the Offer will be achieved within the expected time frame, or at all, and any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements, which may not result in growth. The company is yet to place orders or enters into definitive agreements with the vendors in relation to such capital expenditure requirements.
- The company's Registered office and corporate office are not owned by it but are rented and on leave and licenses basis. Any adverse impact on the title or ownership rights of the owner or breach of the terms or non-renewal of the lease agreement on commercially favourable terms or at all may lead to disruptions and may materially and adversely impact the company's business, financial condition, results of operations and cashflows.
- The company's Promoters and Promoter Group will be able to exercise significant influence and control over its operations after the issue and may have interests that are different from those of the company's other shareholders.
- The company's insurance coverage may not adequately protect it against potential risk, and this may have a material adverse effect on the company's business.
- The Company had negative cash flows during certain fiscal years in relation to its investing and financing activities. Negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- There has been instance of delayed filings of return and depositing of statutory dues with regulatory authorities.
- The company is subject to various risks associated with transportation and the company may faces claims relating to loss or damage to goods, personal injury claims or other operating risks that are not adequately insured.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The company's business is manpower intensive and its continued success and ability to meet future business challenges depends on the company and its network partners'/ third-party service providers' ability to attract, recruit and retain experienced, talented and skilled professionals.
- The Company may not be able to deliver the cargo on timely basis due to which its could become liable to claims by the company's customers, suffer adverse publicity and incur substantial cost as result of deficiency in its service which could adversely affect the company's results of operations.
- Inability to maintain adequate internal controls may affect the company's ability to effectively manage its operations, resulting in errors or information lapses.
- Some of the company's Promoters as well as some Directors on its Board and their relatives hold Equity Shares and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Industry information included in this Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate. Further, neither the company nor the Lead Manager have independently verified certain data in this Prospectus.
- The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The average cost of acquisition of Equity Shares for the company's Promoters may be lower than the Issue Price.
- The company operations may be subject to strikes and work stoppages by its employees and are also susceptible to risks relating to compliance with labour laws, either of which could result in an increase in the company's employee benefits expense impacting its profitability.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of reach stackers ("Vehicles"). In the event of any delay in placing the orders, or in the event the vendors are not able to provide the vehicles in a timely manner, or at all, the same may result in time and cost over-runs.
- The company has witnessed a reduction in its revenue from operations in the past, from Rs. 2,714.18 lakhs in Fiscal 2023 to Rs.2,009.64 lakhs in Fiscal 2024. There can be no assurance that the company will not witness reduction in its revenue from operations in future.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
- The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- None of the company's Directors have any prior experience of being a Director in any other listed Company in India.
- Any future unusual or infrequent events or transactions may adversely affect the company's financial performance.
The Issue type of Apana Logistics Ltd is Fixed Price - SME.
The minimum application for shares of Apana Logistics Ltd is 4000.
The total shares issue of Apana Logistics Ltd is 5690000.
Initial public issue of upto 56,90,000 equity shares of face value of Rs. 10/- each of Apana Logistics Limited ("ALL" or the "Company" or the "Issuer") for cash at a price of Rs. 60 per equity share including a share premium of Rs. 50 per equity share (the "Issue Price") aggregating to Rs. 34.14 Crore ("The Issue"), of which 2,90,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 60 per equity share including a share premium of Rs. 50 per equity share aggregating to
Rs. 1.74 Crore will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The public issue less the market maker reservation portion i.e. Net issue of 54,00,000 equity shares of face value of Rs. 10/- each at a issue price of Rs. 60 per equity share including a share premium of Rs. 50 per equity share aggregating to Rs. 32.4 Crore is herein after referred to as the "Net Issue". The public issue and the net issue will constitute 32.50% and 30.84% respectively of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each.
The face value of the equity share is Rs. 10/- each.
Issue price: Rs. 60 per equity share of face value of Rs. 10/- each.
The issue price is 6.0 times the face value of the equity shares.
Bids can be made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.