Apana Logistics Ltd.

The company offers a diversified range of logistics services, including container handling at CFSs, ICDs, and ports, road transportation, cargo handling at third-party warehouses, and operation and maintenance of truck-trailers and reach stackers. As of March 31, 2026, it owned and maintained a fleet of 33 truck-trailers, 5 reach stackers, and 2 cranes, enabling integrated container handling and transportation solutions. The company had 62 permanent employees as of June 30, 2026, spanning management, accounting, operations, technical, and maintenance functions.

Cited competitive strengths include assured quality services, the ability to participate competitively in tenders, a track record of growth and profitability, diverse service offerings and customer base, an experienced promoter and management team, established relationships with CFSs/ICDs/ports, and integrated container handling and transportation capabilities.

The ₹34.14 Cr Fixed Price SME IPO (listing on BSE SME) is entirely a fresh issue of 56.90 lakh shares, with no offer-for-sale component; 2.90 lakh shares are reserved on a firm basis for market maker Prabhat Financial Services Ltd., leaving 54.00 lakh shares (₹32 Cr) net offered to the public, split evenly 50/50 between NII and Retail. The issue price is fixed at ₹60 per share, with a lot size of 2,000 shares. Net proceeds are earmarked for capital expenditure on reach stackers (₹25.00 Cr), with ₹5.04 Cr for general corporate purposes and ₹4.10 Cr for issue expenses.

At the offer price, the IPO is priced at a post-issue P/E of 17.91x (pre-issue: 12.1x) and a Price-to-Book multiple of 3.50x based on FY26 NAV of ₹17.15. RoNW rose sharply to 33.82% for FY26 from 23.64% in FY25. Revenue grew 44% and PAT grew 89% year-on-year between FY25 and FY26, alongside a marked improvement in Debt/Equity (0.56 to 0.31) and EBITDA margin (28.70% to 36.69%). Promoter shareholding was 100% pre-issue and falls to 67.5% post-issue, reflecting the fully fresh-issue nature of the offer with no OFS from the sole promoter, Pratyaksh Sureka.