@Amit-J I assume your APIM is in VNET, and backend API is outside VNET (internet facing), and you want to allow-list only calls from APIM. APIM uses public IP address for a connection outside VNET/peered VNET and internal IP addresses from the subnet are only used for within the VNET or a peered VNET. Refer IP addresses for outbound traffic for more info as mentioned below:
As per Changes to the IP addresses, public IP address is static with few exceptions, and you would need to adjust allow-list in target backend API accordingly. It is also possible to route and override public IP of APIM with NVA's IP and refer SO thread and comment from our product team. I hope this helps but feel free to add a comment for any questions or clarify if my assumptions are incorrect.