Apana Logistics IPO Day 3: Fully subscribed at 1.26x; retail surges to 2.13x
- Apana Logistics IPO is fully subscribed at 1.26x on Day 3.
- Retail category leads with 2.13x subscription, surging 46.9% intra-day.
- QIB and NII categories remain unsubscribed at 0.00x.
- Issue closes on 09-09-2026; allotment on 10-09-2026.
- Listing expected 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
On Day 3, the total subscription jumped +59.5% from 0.79x to 1.26x between 11:15 AM and 4:15 PM. Retail demand also picked up pace, increasing by +46.9% from 1.45x to 2.13x in the same period.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 1.45x | 0.79x |
| 12:15 | 0.00x | 0.00x | 1.57x | 0.86x |
| 13:15 | 0.00x | 0.00x | 1.72x | 0.95x |
| 14:15 | 0.00x | 0.00x | 1.84x | 1.08x |
| 15:15 | 0.00x | 0.00x | 1.98x | 1.17x |
| 16:15 | 0.00x | 0.00x | 2.13x | 1.26x |
| 17:15 | 0.00x | 0.00x | 2.13x | 1.26x |
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.
How might the complete lack of QIB and NII interest impact Apana Logistics' listing price and initial trading volatility compared to retail-driven IPOs?
Given the 97.79% revenue concentration in the top five customers, what strategies will management employ to diversify its client base post-IPO to mitigate key account dependency risks?
Will the acquisition of nine new reach stackers using IPO proceeds sufficiently reduce the company's high reliance on third-party service providers, which currently accounts for over 47% of revenue?
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