Apana Logistics IPO Day 2: Subscribed 0.38x; Retail jumps 12.9% intraday
- Apana Logistics IPO subscribed 0.38x on Day 2
- Retail demand jumped 12.9% intraday to 0.70x
- QIB and NII categories remain unsubscribed
- Issue closes on 09-09-2026 with fixed price of ₹60
*this image is generated using AI for illustrative purposes only.
Apana Logistics IPO is subscribed 0.38 times on Day 2 of the book-building process. Retail investors lead the demand with a subscription of 0.70x, ticking up significantly in the afternoon session. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) remain unsubscribed. The issue price is fixed at ₹60 per share.
Subscription Status
The Apana Logistics IPO saw modest progress in its second day of subscription. The total subscription stands at 0.38x as of the end of Day 2. While retail investors have shown interest, institutional participation has yet to materialize.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 07-09-2026 | 0.00x | 0.00x | 0.00x | 0.39x | 0.20x |
| Day 2 | 08-09-2026 | 0.00x | 0.00x | 0.01x | 0.70x | 0.38x |
Category-wise Breakdown
Retail investors are the primary drivers of demand for the Apana Logistics IPO. The retail category has been subscribed 0.70x on Day 2, up from 0.39x on Day 1. Non-Institutional Buyers (bHNI) have subscribed 0.01x, while sHNI, QIB, and Employee categories remain at 0x.
Intra-day Timeline
The following table shows the intra-day subscription progress for Day 2 (08-09-2026):
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.62x | 0.34x |
| 12:15 | 0.00x | 0.00x | 0.70x | 0.38x |
Offer Details
Apana Logistics has priced its IPO at ₹60 per share. The issue size ranges between ₹24,00,000 and ₹50,00,000. The minimum bid quantity is 4000 shares. The issue opened on 07-09-2026 and will close on 09-09-2026.
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, operation & maintenance of trucks-trailers. As of March 31, 2026, the company owns a fleet of 33 truck-trailers, 5 reach stackers, and 2 cranes.
Financial Highlights
The company reported revenue from operations of ₹30.85 crores for the fiscal year ended March 31, 2026, compared to ₹21.43 crores in FY2025. Profit after tax increased to ₹5.86 crores in FY2026 from ₹3.11 crores in FY2025.
| Metric | 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 (PAT) | 5.86 | 3.11 | 3.00 |
| Total Assets | 36.84 | 28.95 | 25.05 |
Objects of the Issue
The company intends to utilize the proceeds from the IPO for the following purposes:
- Funding capital expenditure requirement towards purchase of reach stackers: ₹25.00 crores to purchase up to 9 reach stackers to enhance cargo handling capacity and operational efficiency.
- General Corporate Purposes: ₹5.04 crores for meeting operating expenses, strengthening business development, and meeting exigencies in the ordinary course of business.
Risk Factors
Investors should note the following key risks associated with the company:
- High Customer Concentration Risk: Top 5 customers represented 97.79% of revenue in FY2026.
- Dependence on Third-Party Service Providers: Payments to third parties represented 47.13% of revenue in FY2026.
- Missing Historical Corporate Records: The company has instances of delayed statutory filings and missing historical records.
- Significant Related Party Transaction Exposure: Related party transactions accounted for 14.46% of revenue in FY2026.
- Working Capital and Cash Flow Management Risk: Trade receivables days increased from 66 days in FY2024 to 82 days in FY2026.
What's Next
The Apana Logistics IPO will close on 09-09-2026. Allotment is expected on 10-09-2026, and listing is scheduled for 15-09-2026.
Will the lack of QIB and NII participation on Day 2 signal potential listing gains or losses for retail investors on Day 1 of trading?
How might Apana Logistics' heavy reliance on its top five customers (97.79% of revenue) impact its valuation stability post-listing?
Could the company's history of delayed statutory filings and missing records deter institutional investors from participating in future secondary market offerings?
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