Apana Logistics IPO Day 1: Subscribed 0.04x; Retail leads at 0.08x
- Apana Logistics IPO subscribed 0.04x on Day 1.
- Retail category leads with 0.08x subscription.
- QIB and NII categories remain at 0x.
- Issue priced at ₹60 per share; size ₹2.4-5 crore.
*this image is generated using AI for illustrative purposes only.
Apana Logistics IPO opened for subscription on September 7, 2026, recording a total subscription of 0.04x by the end of Day 1. Retail investors led the demand with 0.08x subscription, while Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) remained unsubscribed.
Subscription Status
The issue saw modest activity on its first day. The total subscription stood at 0.04x as of the close of trading on September 7, 2026. No bids were recorded from QIBs or NIIs during this period.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 07-09-2026 | 0.00x | 0.00x | 0.00x | 0.08x | 0.04x |
Intra-day Timeline
Subscription activity was limited throughout the day, with the final snapshot reflecting the end-of-day totals.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.08x | 0.04x |
Offer Details
- Company: Apana Logistics
- Price band: ₹60.00000 - ₹60.00000
- Issue size: ₹240000 - ₹500000
- Min bid qty: 4000
- Open: 2026-09-07 10:00:00
- Close: 2026-09-09 16:00:00
About the Company
Apana Logistics Limited provides logistics support for handling and transportation of containers. The company operates a fleet including reach stackers, forklifts, and truck-trailers. Its services include container handling at CFS/ICD/port, road transportation, cargo handling at third-party warehouses, and repair and maintenance of trucks-trailers. As of March 31, 2026, the fleet comprised 33 truck-trailers, 5 reach stackers, and 2 cranes.
Financial Highlights
The company reported revenue from operations of ₹30.85 crores in FY2026, up from ₹21.43 crores in FY2025. Profit after tax increased to ₹5.86 crores in FY2026 from ₹3.11 crores in FY2025.
| Particulars | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 30.85 | 21.43 | 20.10 |
| Total Revenue | 31.07 | 21.61 | 20.33 |
| Profit Before Tax | 9.23 | 4.37 | 4.11 |
| Total Profit | 5.86 | 3.11 | 3.00 |
Objects of the Issue
- Funding capital expenditure requirement towards purchase of reach stackers: ₹25.00 crores
- General Corporate Purposes: ₹5.04 crores
Risk Factors
- High Customer Concentration Risk: Top 5 customers represented 97.79% of revenue in FY2026.
- Dependence on Third-Party Service Providers: Payments to third parties were 47.13% of revenue in FY2026.
- Missing Historical Corporate Records: Issues with tracing historical board minutes and statutory filings.
Will the lack of interest from QIBs and NIIs on Day 1 signal a potential under-subscription risk that could lead to the IPO being withdrawn or repriced?
How might Apana Logistics' heavy reliance on its top five customers (97.79% of revenue) impact investor confidence given the current weak subscription trends?
Could the significant gap between the issue size range (₹24-50 crores) and the capital expenditure needs influence the final allotment strategy if demand remains low?
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