LEAP India IPO was a Mainboard book-built public issue of LEAP India Limited. The company raised approximately ₹2,480 crore through a combination of a fresh issue of approximately ₹480 crore and an Offer for Sale of up to 12,57,86,163 equity shares. The equity shares had a face value of ₹1 each and were offered in the price band of ₹151 to ₹159 per share.
The IPO opened for subscription on August 7, 2026, and closed on August 11, 2026. The basis of allotment was finalised on August 12, refunds were initiated on August 13, and the shares were credited to eligible demat accounts on August 13. The shares were listed on BSE and NSE on August 14, 2026.
LEAP India Limited operates in the supply-chain asset-pooling and logistics infrastructure segment. The company provides asset-pooling solutions that allow businesses to use logistics and material-handling assets without owning the entire asset base.
Its offerings include pallets, containers, material-handling equipment and other returnable packaging solutions. The company serves customers across industries including FMCG, food and beverage, third-party logistics, e-commerce, quick commerce, automotive and industrial sectors.
LEAP India follows a pooling model in which assets can be shared across customers and locations. This model can help customers optimise asset utilisation, reduce handling inefficiencies and improve supply-chain operations.
The company reported revenue of ₹747.36 crore and profit after tax of ₹62.34 crore for FY2026. Its business has expanded considerably over the reported period, although the company also carries substantial borrowings associated with its asset-intensive operations.
IPO Details
| Information | Details |
|---|---|
| IPO Name | LEAP India IPO |
| Company Name | LEAP India Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹151 to ₹159 Per Share |
| Issue Size | Approx. ₹2,480 Crore |
| Fresh Issue | Approx. ₹480 Crore |
| Offer for Sale | Up to 12,57,86,163 Equity Shares |
| IPO Open Date | 7 August 2026 |
| IPO Close Date | 11 August 2026 |
| Anchor Investor Bidding | 6 August 2026 |
| Basis of Allotment | 12 August 2026 |
| Refund Initiation | 13 August 2026 |
| Shares Credited to Demat Account | 13 August 2026 |
| Listing Date | 14 August 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 94 Equity Shares |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited and UBS Securities India Private Limited |
The issue consisted predominantly of an Offer for Sale, while the fresh issue represented approximately ₹480 crore. The face value of each equity share was ₹1.
LEAP India IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 6 August 2026 |
| IPO Opening Date | 7 August 2026 |
| IPO Closing Date | 11 August 2026 |
| Basis of Allotment | 12 August 2026 |
| Refund Initiation | 13 August 2026 |
| Shares Credited to Demat Account | 13 August 2026 |
| Listing Date | 14 August 2026 |
LEAP India IPO Reservation
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| Anchor Investors | 4,67,68,854 Shares | 29.98% |
| QIBs – Excluding Anchor | 3,11,79,259 Shares | 19.99% |
| Non-Institutional Investors | 2,33,84,434 Shares | 15.00% |
| Retail Individual Investors | 5,45,63,679 Shares | 35.00% |
The public issue provided allocations across qualified institutional buyers, non-institutional investors and retail investors, with a separate anchor-investor allocation from the institutional portion.
LEAP India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 94 Shares | ₹14,946 |
| Retail Maximum | 13 Lots | 1,222 Shares | ₹1,94,298 |
| S-HNI Minimum | 14 Lots | 1,316 Shares | ₹2,09,244 |
| S-HNI Maximum | 66 Lots | 6,204 Shares | ₹9,86,436 |
| B-HNI Minimum | 67 Lots | 6,298 Shares | ₹10,01,382 |
The minimum application was 94 shares. At the upper price band of ₹159, one lot required ₹14,946.
LEAP India IPO Anchor Investors
LEAP India completed its anchor-investor allocation on August 6, 2026, one day before the public issue opened.
| Particular | Details |
|---|---|
| Anchor Bidding Date | 6 August 2026 |
| Anchor Shares | 4,67,68,854 Shares |
| Anchor Allocation | Approximately ₹743.62 Crore |
| Price Per Share | ₹159 |
| Anchor Allocation | Approximately 29.98% |
The anchor allocation was made at the upper end of the IPO price band.
About LEAP India Limited
LEAP India Limited was incorporated in 2013 and operates as a supply-chain solutions company focused on asset pooling and shared logistics infrastructure.
The company’s business model enables customers to access logistics assets through pooling arrangements rather than maintaining ownership of all required assets themselves. This approach is designed to improve asset utilisation and support more efficient supply-chain operations.
The company provides pallets, containers, material-handling equipment, forklifts and returnable packaging solutions. Its customers operate across multiple sectors, including FMCG, food and beverage, logistics, e-commerce, quick commerce, automotive and industrial businesses.
As of March 31, the company had relationships with more than 1,000 customers, demonstrating the breadth of its customer network.
Business Operations
LEAP India’s operations cover several areas of supply-chain asset management:
- Pallet Pooling: Providing pallets for transportation, storage and distribution activities.
- Container Pooling: Offering reusable containers for supply-chain and industrial applications.
- Material Handling Equipment: Providing equipment used for movement and handling of goods.
- Forklift Solutions: Offering articulated and very-narrow-aisle forklift equipment.
- Returnable Packaging: Supporting reusable packaging systems that can be circulated within supply chains.
- Asset Management: Managing pooled assets across multiple customer locations.
- Repair and Maintenance: Providing maintenance services to maintain asset availability and usability.
- Technology-Enabled Operations: Using technology to monitor, manage and optimise pooled assets.
Industry Overview
Supply chains are increasingly moving toward models that focus on efficiency, asset utilisation and reduced ownership costs. Asset pooling can help businesses access standardised logistics equipment while reducing the need to purchase and manage large inventories of individual assets.
The growth of organised retail, e-commerce, quick commerce, FMCG distribution and third-party logistics can increase demand for pallets, containers and other reusable supply-chain assets.
India’s logistics sector is also undergoing structural changes, including greater formalisation, warehouse expansion and increasing adoption of technology-enabled logistics systems.
The asset-pooling industry, however, remains capital intensive because companies need to maintain a large pool of physical assets. Utilisation rates, asset life, repair costs, replacement requirements and financing costs can therefore materially affect profitability.
Business Strategy
LEAP India’s strategy is centred on expanding the use of shared supply-chain assets among businesses that require logistics infrastructure across multiple locations.
The company aims to benefit from the increasing adoption of organised supply chains and outsourcing of non-core logistics assets. Its pooling model enables customers to access assets across a network instead of maintaining the entire asset base themselves.
Another important aspect of its strategy is expanding its customer base across multiple industries. Diversification across FMCG, food and beverage, logistics, automotive, e-commerce and industrial customers can provide exposure to several sources of demand.
The company also focuses on technology-enabled asset tracking and management, which can help improve visibility, asset utilisation and operational control.
LEAP India IPO Financial Information
LEAP India reported strong revenue growth during the reported financial years.
Revenue increased from ₹371.94 crore in FY2024 to ₹485.03 crore in FY2025 and ₹747.36 crore in FY2026. Profit after tax increased from ₹37.17 crore in FY2024 to ₹37.56 crore in FY2025 and ₹62.34 crore in FY2026.
The company also reported significant growth in its asset base during the period, reflecting the capital-intensive nature of its business.
LEAP India Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹371.94 Crore | ₹485.03 Crore | ₹747.36 Crore |
| EBITDA | ₹209.92 Crore | ₹273.80 Crore | ₹378.83 Crore |
| Profit After Tax | ₹37.17 Crore | ₹37.56 Crore | ₹62.34 Crore |
| Net Worth | ₹714.18 Crore | ₹917.35 Crore | ₹1,006.33 Crore |
| Total Assets | ₹1,400.28 Crore | ₹2,042.46 Crore | ₹2,401.05 Crore |
| Borrowings | ₹513.07 Crore | ₹801.66 Crore | ₹1,017.73 Crore |
Revenue approximately doubled between FY2024 and FY2026. PAT also increased during the period, although the growth in profitability was lower than the growth in revenue.
Borrowings increased alongside the expansion of the company’s asset base, which is an important factor to consider when evaluating the business.
LEAP India IPO Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| Return on Equity (ROE) | 6.48% |
| Return on Net Worth (RoNW) | 6.19% |
| Return on Capital Employed (ROCE) | 19.06% |
| EBITDA Margin | 50.69% |
| PAT Margin | 8.34% |
| Debt-to-Equity Ratio | 1.01 |
| EPS – Pre IPO | ₹1.52 |
| EPS – Post IPO | ₹1.42 |
| Net Asset Value | ₹24.55 |
| P/E – Pre IPO | 104.61x |
| P/E – Post IPO | 111.97x |
The company reported a relatively high EBITDA margin but comparatively modest returns on equity because of the capital-intensive nature of its operations and the size of its asset base.
At the upper IPO price band of ₹159, the post-issue valuation represented approximately 111.97 times FY2026 earnings based on the disclosed post-issue EPS.
LEAP India IPO Valuation
| Particular | Details |
|---|---|
| Upper Price Band | ₹159 |
| FY2026 EPS – Pre IPO | ₹1.52 |
| FY2026 EPS – Post IPO | ₹1.42 |
| Pre-Issue P/E | 104.61x |
| Post-Issue P/E | 111.97x |
| Post-Issue Market Capitalisation | Approximately ₹7,004.53 Crore |
| Price-to-Book | Approximately 6.48x |
The valuation reflects a premium multiple compared with the company’s reported earnings and net worth. Investors should therefore consider future growth, asset utilisation, debt levels and profitability before assessing whether the valuation is justified.
Objects of the LEAP India IPO
The fresh issue proceeds were primarily intended for repayment or prepayment of borrowings.
| Purpose | Amount |
|---|---|
| Repayment / Pre-payment of Certain Borrowings | ₹360.00 Crore |
| Issue Expenses | ₹112.19 Crore |
| Other Offer-Related Purposes | As disclosed in the offer documents |
The principal identified use of the fresh issue proceeds was repayment or prepayment, in full or in part, of certain borrowings availed by the company. This is relevant because the company had borrowings of more than ₹1,000 crore at the end of FY2026.
The OFS proceeds are received by the selling shareholders and do not accrue to LEAP India.
LEAP India IPO GMP
Grey Market Premium is an unofficial indicator of market sentiment and should not be considered a guaranteed listing price.
| Date | GMP |
|---|---|
| 3 August 2026 | ₹4 |
| 4 August 2026 | ₹3 |
| 5 August 2026 | ₹3 |
| 6 August 2026 | ₹19.50 |
| 7 August 2026 | ₹15 |
| 8 August 2026 | ₹16 |
| 9 August 2026 | ₹16 |
| 10 August 2026 | ₹13 |
| 11 August 2026 | ₹12 |
| 12 August 2026 | ₹11.75 |
| 13 August 2026 | ₹13.50 |
| 14 August 2026 | ₹13 |
The GMP reached ₹19.50 on August 6 before declining toward ₹13 around the listing date. The final GMP was not an accurate predictor of the actual listing price.
LEAP India IPO Listing Performance
LEAP India shares were listed on BSE and NSE on August 14, 2026.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 14 August 2026 |
| Issue Price | ₹159 Per Share |
| Listing Price – NSE | ₹165.90 Per Share |
| Listing Price – BSE | ₹166 Per Share |
| Listing Gain – NSE | ₹6.90 Per Share |
| Listing Gain – BSE | ₹7 Per Share |
| Listing Gain – NSE | 4.34% |
| Listing Gain – BSE | 4.40% |
The shares opened at ₹165.90 on NSE and ₹166 on BSE against the issue price of ₹159.
LEAP India IPO Subscription Status
The IPO received strong demand on the final day and was subscribed 8.82 times overall.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 17.73x |
| Non-Institutional Investors (NII) | 13.31x |
| Retail Individual Investors (RII) | 1.81x |
| Total Subscription | 8.82x |
The QIB category recorded the highest subscription, followed by the NII category. Retail participation was comparatively lower.
LEAP India IPO Review
LEAP India operates in a specialised segment of the logistics industry, providing pooled supply-chain assets to businesses. Its business model addresses the requirement for pallets, containers, material-handling equipment and returnable packaging without requiring every customer to maintain ownership of a large asset base.
The company’s revenue growth is a key positive. Revenue increased from ₹371.94 crore in FY2024 to ₹747.36 crore in FY2026. The company also reported PAT growth from ₹37.17 crore to ₹62.34 crore over the same period.
Another strength is the company’s diversified customer base across several industries. The business serves FMCG, food and beverage, logistics, e-commerce, quick commerce, automotive and industrial customers, which provides exposure to multiple supply-chain segments.
The asset-pooling model can benefit from increasing logistics formalisation and the growing requirement for efficient supply-chain infrastructure. However, the model is also capital intensive and requires significant investment in physical assets.
The company’s borrowings increased from ₹513.07 crore in FY2024 to ₹1,017.73 crore in FY2026. The proposed use of ₹360 crore from the fresh issue for repayment or prepayment of borrowings is therefore an important part of the IPO structure.
Valuation is another factor requiring attention. At the upper price band, the IPO was valued at approximately 111.97 times post-issue FY2026 earnings. This represents a high earnings multiple and places greater importance on the company’s ability to deliver sustained growth.
Overall, LEAP India combines a specialised business model, strong revenue growth and exposure to India’s expanding logistics ecosystem. At the same time, investors should carefully evaluate valuation, debt, capital requirements and future return on assets before making an investment decision.
LEAP India IPO Strengths
- Operates in the growing supply-chain asset-pooling industry.
- Provides pallets, containers and material-handling equipment.
- Serves multiple industries, including FMCG, logistics, e-commerce and automotive.
- Has a broad customer network with more than 1,000 customers.
- Revenue increased significantly between FY2024 and FY2026.
- PAT increased from ₹37.17 crore in FY2024 to ₹62.34 crore in FY2026.
- Asset-pooling can support efficient utilisation of logistics infrastructure.
- Technology-enabled operations support asset tracking and management.
- IPO proceeds include a substantial allocation toward debt reduction.
- Operates within a segment supported by increasing logistics formalisation and supply-chain efficiency requirements.
LEAP India IPO Risk Factors
- The business is capital intensive and requires substantial investment in physical assets.
- Borrowings increased significantly during the reported financial period.
- Higher interest costs can affect profitability and cash flows.
- Asset utilisation rates can materially affect operating returns.
- Maintenance and replacement of pooled assets require ongoing expenditure.
- The company operates in a competitive logistics and asset-management market.
- Customer demand is linked to activity in sectors such as FMCG, e-commerce, automotive and logistics.
- The company is exposed to changes in financing costs.
- The IPO valuation represents a high multiple of reported earnings.
- Future growth depends on increasing asset utilisation and expanding the customer base.
LEAP India IPO Promoters
The promoters of LEAP India Limited are Sunu Mathew and Vertical Holdings II Pte. Ltd.
The promoter group held a substantial majority stake before the IPO. Following the issue, promoter and promoter-group ownership reduced materially as a result of the fresh issue and Offer for Sale.
LEAP India IPO Promoters Details
| Promoter | Status |
|---|---|
| Sunu Mathew | Promoter |
| Vertical Holdings II Pte. Ltd. | Promoter |
Vertical Holdings II Pte. Ltd. was also the principal promoter selling shareholder in the Offer for Sale.
LEAP India IPO Management Team
The company is managed by a professional team responsible for business operations, finance, supply-chain activities, asset management and corporate governance.
| Particular | Details |
|---|---|
| Company Secretary & Compliance Officer | Chirag Bagadia |
| Promoter | Sunu Mathew |
| Promoter | Vertical Holdings II Pte. Ltd. |
Chirag Bagadia is responsible for company-secretarial and compliance functions and is the designated contact for investor and corporate matters.
LEAP India IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Role | Registrar to the Offer |
| Address | C-101, 1st Floor, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083 |
| Contact Number | +91 8108114949 |
| Email ID | [email protected] |
MUFG Intime India Private Limited acted as the registrar for the issue and investor-related share services.
LEAP India IPO Lead Manager Details
| Lead Manager | Role |
|---|---|
| JM Financial Limited | Book Running Lead Manager |
| Avendus Capital Private Limited | Book Running Lead Manager |
| IIFL Capital Services Limited | Book Running Lead Manager |
| UBS Securities India Private Limited | Book Running Lead Manager |
The four institutions acted as Book Running Lead Managers for the public issue.
LEAP India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | LEAP India Limited |
| Registered Office | Commerz 1, 14th Floor, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai – 400063 |
| Website | www.leapindia.net |
| Email ID | [email protected] |
| Contact Number | +91 22 69588700 |
| CIN | U74900MH2013PLC245166 |
How to Check LEAP India IPO Allotment Status
Investors can check the LEAP India IPO allotment status through the registrar’s online facility.
Through MUFG Intime India
- Open the IPO allotment facility.
- Select LEAP India Limited.
- Choose the appropriate search option.
- Enter the PAN, application number or DP/Client ID.
- Complete the required verification.
- Submit the details to view the allotment result.
Through Stock Exchange
Investors can also check the allotment information through the relevant BSE or NSE facilities using their application details.
The basis of allotment was finalised on August 12, 2026, refunds were initiated on August 13, and shares were credited before the August 14 listing.
LEAP India IPO Conclusion
LEAP India IPO provided investors with exposure to the supply-chain asset-pooling and logistics infrastructure segment. The company operates a specialised business model covering pallets, containers, material-handling equipment and returnable packaging solutions.
The company’s financial performance showed strong revenue growth, with revenue increasing from ₹371.94 crore in FY2024 to ₹747.36 crore in FY2026. PAT increased from ₹37.17 crore to ₹62.34 crore during the same period.
The company’s diversified customer base and exposure to FMCG, logistics, e-commerce, automotive and industrial sectors provide multiple sources of demand. The increasing formalisation of India’s supply chain and the need for efficient logistics assets can support the long-term opportunity.
However, the business is capital intensive and carries substantial debt. Borrowings stood at ₹1,017.73 crore at the end of FY2026. The planned use of ₹360 crore from the fresh issue toward repayment or prepayment of borrowings is therefore significant.
Valuation also deserves careful consideration. At ₹159 per share, the IPO was valued at approximately 111.97 times post-issue FY2026 earnings. Investors should therefore focus on future earnings growth, asset utilisation, debt reduction and return on capital rather than relying only on revenue expansion.
The shares listed at ₹165.90 on NSE and ₹166 on BSE, delivering a modest listing gain of around 4.34% to 4.40%. Long-term performance will depend on the company’s ability to expand its asset-pooling network, maintain utilisation levels, manage financing costs and generate sustainable returns.
LEAP India IPO FAQs
What is LEAP India IPO?
LEAP India IPO was a Mainboard public issue of LEAP India Limited comprising a fresh issue of approximately ₹480 crore and an Offer for Sale of up to 12,57,86,163 equity shares.
What was the LEAP India IPO price band?
The price band was ₹151 to ₹159 per equity share.
What was the LEAP India IPO issue size?
The total IPO size was approximately ₹2,480 crore.
What was the LEAP India IPO lot size?
The minimum lot size was 94 shares. At the upper price band of ₹159, one lot required ₹14,946.
When was the LEAP India IPO allotment date?
The basis of allotment was finalised on August 12, 2026.
When was the LEAP India IPO listing date?
LEAP India shares were listed on BSE and NSE on August 14, 2026.
What was the LEAP India IPO listing price?
The shares opened at ₹165.90 on NSE and ₹166 on BSE against the issue price of ₹159.
What was the LEAP India IPO subscription status?
The IPO was subscribed 8.82 times overall, with QIBs at 17.73x, NIIs at 13.31x and retail investors at 1.81x.
What was the LEAP India IPO GMP?
The GMP was around ₹13 near the listing date. GMP is an unofficial indicator and does not guarantee the actual listing price.
What does LEAP India Limited do?
LEAP India provides supply-chain asset-pooling solutions, including pallets, containers, material-handling equipment and returnable packaging services, to businesses across multiple industries.
