LEAP India IPO
LEAP India IPO was a Mainboard book-built issue of ₹2,480 crore, comprising a Fresh Issue of ₹480 crore and an Offer for Sale of ₹2,000 crore. The price band was ₹151 to ₹159 per share, with a lot size of 94 shares. The IPO opened on August 7, 2026 and cl
LEAP India IPO Details
LEAP India IPO bidding started on August 7, 2026 and ended on August 11, 2026. The allotment was finalized on August 12, 2026, and LEAP India shares were listed on BSE and NSE on August 14, 2026.
LEAP India IPO GMP
LEAP India IPO GMP was reported at around ₹13 before listing. Based on the ₹159 issue price, this indicated an unofficial estimated price of approximately ₹172. GMP is an unofficial grey-market indicator and does not guarantee the actual listing price. The shares subsequently listed at ₹165.90 on August 14, 2026.
LEAP India IPO Timeline (Tentative)
LEAP India IPO opened for subscription on August 7, 2026 and closed on August 11, 2026. The basis of allotment was finalized on August 12, refunds were initiated on August 13, and shares were credited to successful applicants' Demat accounts on August 13. The shares were listed on BSE and NSE on August 14, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Aug 7, 2026 |
| IPO Close Date | Tue, Aug 11, 2026 |
| Basis of Allotment | Wed, Aug 12, 2026 |
| Initiation of Refunds | Thu, Aug 13, 2026 |
| Credit of Shares to Demat | Thu, Aug 13, 2026 |
| Listing Date | Fri, Aug 14, 2026 |
| IPO Opens | August 7, 2026 |
| IPO Closes | August 11, 2026 |
| Basis of Allotment | August 12, 2026 |
| Refund Initiation | August 13, 2026 |
| Credit of Shares to Demat | August 13, 2026 |
| Listing Date | August 14, 2026 |
LEAP India IPO Lot Size
The LEAP India IPO lot size was 94 shares. At the upper price band of ₹159 per share, one lot required a minimum investment of ₹14,946. Retail investors could apply for up to 13 lots, or 1,222 shares, amounting to ₹1,94,298.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 94 | 14,946 |
| Retail (Max) | 13 | 1,222 | 1,94,298 |
| S-HNI (Min) | 14 | 1,316 | 2,09,244 |
| S-HNI (Max) | 66 | 6,204 | 9,86,436 |
| B-HNI (Min) | 67 | 6,298 | 10,01,382 |
LEAP India IPO Reservation
LEAP India IPO offered 15,59,74,842 shares. The allocation included 3,11,79,259 shares for QIBs, 2,33,84,434 shares for NIIs, 5,45,63,679 shares for retail investors and 78,616 shares for eligible employees. Anchor investors were allocated 4,67,68,868 shares.
LEAP India IPO Subscription
LEAP India IPO received 8.82x overall subscription by the close of bidding on August 11, 2026. QIBs subscribed 17.73x, NIIs 13.31x, retail investors 1.80x and eligible employees 11.57x.
| Category | Subscription (times) |
|---|---|
| QIB | 17.73x |
| NII | 13.31x |
| RII | 1.80x |
| Employee | 11.57x |
| Total | 8.82x |
About LEAP India
LEAP India provides supply-chain asset pooling solutions using a share-and-reuse model. Its offerings include pallets, containers and material handling equipment (MHE), including forklifts. The company serves industries such as FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrials. It operates a broad pooling network across India and has also established wholly owned subsidiaries in Saudi Arabia and the UAE.
Strengths
- Large-scale asset pooling platform with a broad supply-chain network in India.
- Diverse customer base across FMCG, F&B, 3PL, e-commerce, quick commerce, automotive and industrial sectors.
- Strong growth in revenue and profitability during FY2026.
- Founder-led business supported by professional management and reputed investors.
- Growth opportunities from increasing palletization, pallet pooling, international expansion and integration of CHEP India.
Risks to Consider
- The business depends on continued growth in palletization and pallet pooling. Operations are exposed to risks associated with pallets, containers and MHE availability and utilization.
- The company has significant borrowings and the fresh issue proceeds are partly intended for repayment/prepayment of borrowings.
- Customer concentration remains a business consideration, with the top five customers contributing 19.19% of FY2026 revenue from operations.
- The IPO valuation is high relative to the company's reported earnings.
LEAP India Financials (₹ Cr)
LEAP India reported strong growth in revenue and profitability over the last three financial years. Revenue from operations increased from ₹364.97 crore in FY2024 to ₹466.47 crore in FY2025 and ₹729.53 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.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹364.97 Cr | ₹37.17 Cr | ₹1,400.28 Cr | ₹714.18 Cr |
| FY2025 | ₹466.47 Cr | ₹37.56 Cr | ₹2,042.46 Cr | ₹917.35 Cr |
| FY2026 | ₹729.53 Cr | ₹62.34 Cr | ₹2,401.05 Cr | ₹1,006.33 Cr |
KPIs & Valuation
At the upper IPO price band of ₹159, LEAP India had a reported pre-issue P/E of approximately 104.61x and post-issue P/E of approximately 111.97x. FY2026 basic EPS was ₹1.52, while reported ROE was 6.48% and ROCE was 19.06%.
Objects of the Issue
The LEAP India IPO comprised a fresh issue of ₹480 crore and an Offer for Sale of ₹2,000 crore. The company proposed to use the net proceeds from the Fresh Issue primarily for repayment/prepayment, in full or in part, of certain borrowings, along with general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Repayment/prepayment, in full or in part, of certain borrowings availed by the company – ₹360 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
LEAP India Limited is promoted by Sunu Mathew and Vertical Holdings II Pte. Ltd. The Book Running Lead Managers were JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited and UBS Securities India Private Limited. MUFG Intime India Private Limited acted as the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| leapindia.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
LEAP India IPO Review
LEAP India operates in the supply-chain asset pooling segment, providing pallets, containers and MHE to customers through a share-and-reuse model. The company has a diversified customer base and a broad pooling network, while its strategy includes expanding product offerings, integrating CHEP India, pursuing selective inorganic growth and expanding internationally.
Financial performance improved materially in FY2026. Revenue from operations increased to ₹729.53 crore from ₹466.47 crore in FY2025, while profit after tax rose to ₹62.34 crore from ₹37.56 crore. However, the IPO was priced at a demanding valuation, with reported P/E multiples of approximately 104.61x on a pre-issue basis and 111.97x on a post-issue basis.
The fresh issue proceeds were primarily intended for debt repayment/prepayment, which may help reduce borrowings. At the same time, investors should consider the company's debt levels, operational risks and valuation before making an investment decision.
How to Apply
LEAP India IPO applications were made through ASBA or UPI. The minimum application was 1 lot of 94 shares, requiring ₹14,946 at the upper price band of ₹159.
1. Log in to your stockbroker app/website.
2. Go to the IPO section.
3. Select LEAP India IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and Prospectus for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The RHP was dated August 1, 2026, and the Prospectus was filed with SEBI on August 12, 2026.
Last updated Aug 26, 2026.