Apana Logistics IPO Day 2: Subscribed 0.61x; Retail jumps 80% to 1.12x
- Apana Logistics IPO subscribed 0.61x on Day 2
- Retail category surged 80.6% intraday to 1.12x
- QIB and NII segments remain unsubscribed
- Issue price fixed at ₹60 per share
- Book closes on 09-09-2026; listing on 15-09-2026
*this image is generated using AI for illustrative purposes only.
Apana Logistics IPO is fully subscribed at 1.26x on Day 3. Retail investors drive the demand with a subscription of 2.13x, while Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) remain unsubscribed.
Subscription Status
The issue saw a significant surge in retail participation throughout Day 3. While the overall subscription stands at 1.26x, the retail quota has crossed the fully subscribed mark at 2.13x. Institutional interest remains absent, with both QIB and NII categories showing 0.00x subscription.
| 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 | 0.02x | 1.12x | 0.61x |
| Day 3 | 09-09-2026 | 0.00x | 0.00x | 0.16x | 2.13x | 1.26x |
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 |
| 13:15 | 0.00x | 0.00x | 0.79x | 0.43x |
| 14:15 | 0.00x | 0.00x | 0.86x | 0.47x |
| 15:15 | 0.00x | 0.00x | 0.94x | 0.51x |
| 16:15 | 0.00x | 0.00x | 1.01x | 0.55x |
| 17:15 | 0.00x | 0.00x | 1.12x | 0.61x |
Offer Details
- Price Band: ₹60.00000 - ₹60.00000
- Issue Size: 240000 - 500000
- Min Bid Qty: 4000
- Open Date: 2026-09-07
- Close Date: 2026-09-09
What's Next
The IPO closes today, 09-09-2026. Allotment is scheduled for 2026-09-10, and listing is expected on 2026-09-15.
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. 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
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 30.85 | 21.43 | 20.10 |
| Total Profit (₹ crores) | 5.86 | 3.11 | 3.00 |
| Total Assets (₹ crores) | 36.84 | 28.95 | 25.05 |
Objects of the Issue
- Funding capital expenditure requirement towards purchase of reach stackers: ₹25.00 crores. The company proposes to utilize funds for purchasing up to 9 reach stackers to enhance cargo handling capacity, improve operational efficiency, reduce reliance on third-party fleets, and ensure timely fulfillment of customer orders.
- General Corporate Purposes: ₹5.04 crores. The company intends to deploy funds for general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, and meeting exigencies in the ordinary course of business.
Risk Factors
- High Customer Concentration Risk: Top 5 customers represented 97.79%, 98.85%, and 94.66% of revenue from operations in fiscal 2026, 2025, and 2024 respectively.
- Dependence on Third-Party Service Providers: Payments to network partners and vendors represented 47.13%, 30.87%, and 51.68% of revenue from operations in fiscal 2026, 2025, and 2024 respectively.
- Missing Historical Corporate Records: The company is unable to trace some historical records including minutes of Board meetings and shareholder meetings.
- Significant Related Party Transaction Exposure: Related party transactions accounted for 14.46%, 17.59%, and 20.26% of revenue from operations in fiscal 2026, 2025, and 2024 respectively.
Will the lack of QIB and NII participation on Day 2 signal a potential listing discount, or is institutional interest expected to surge on the final day?
How might the company's high customer concentration (97.79% from top 5 clients) impact its revenue stability post-listing if key contracts are not renewed?
Given the ₹25 crore allocation for purchasing reach stackers, what is the projected timeline for these assets to contribute to operational efficiency and revenue growth?
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