LEAP India IPO

The LEAP India mainboard IPO opens for subscription on 7 Aug 2026 and closes on 11 Aug 2026, offered at a price band of ₹151–159 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹2,480 crore. Retail investors bid in lots of 94 shares, a minimum application of ₹14,946.

Issue structure

The offer combines a fresh issue of ₹480 crore with an offer for sale (OFS) of ₹2,000 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment / prepayment, in full or in part, of certain borrowings availed by the company (₹360 crore), alongside issue expenses (₹112.19 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, LEAP India reported revenue of ₹747.36 crore and a net profit of ₹62.34 crore. Revenue grew from ₹371.94 crore in FY2024 to ₹747.36 crore in FY2026 (+101.0%). Net worth stood at ₹1,006.33 crore at the end of FY2026. At the upper band, that puts the issue at roughly 104.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 111.97× post-issue earnings and 6.48× book value, against a return on net worth of 6.19% and a debt-to-equity ratio of 1.01. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Sunu Mathew, Vertical Holdings II Pte.Ltd.</p>. Promoter holding stands at 90.04% before the issue and comes down to 55.64% after listing.

Grey market premium (GMP)

In the unofficial grey market, LEAP India shares are quoted at a premium of ₹13 implying an expected listing around ₹172, about +8.2% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The LEAP India IPO was subscribed 8.82 times overall. The strongest demand came from qualified institutional buyers (QIB) at 17.73 times, with non-institutional investors (NII) at 13.31× and retail investors at 1.81×.

Listing performance

LEAP India listed on 14 Aug 2026 at ₹166, a premium of +4.4% over the issue price of ₹159.

What to weigh

When evaluating the LEAP India IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About LEAP India

Incorporated in 2013, LEAP India Ltd&nbsp;specializes in sustainable supply chain and asset-pooling solutions. It offers services including equipment pooling, returnable packaging, inventory management, transportation, and repair &amp; maintenance across industries like e-commerce, FMCG, automotive, and consumer durables. Global investment firm KKR acquired a majority stake in LEAP India in 2023 , aligning with its Asia infrastructure strategy The company serve a diverse customer base spanning sectors such as fastmoving consumer goods (&ldquo;FMCG&rdquo;), food and beverage (&ldquo;F&amp;B&rdquo;), third-party logistics (&ldquo;3PL&rdquo;), e-commerce and quick commerce, automotive, industrials and others. Offerings: Pallets Containers Material handling equipment (&ldquo;MHE&rdquo;) As of March 31, 2025, the company had 366 permanent employees. Competitve Strengths: Industry with multi-decadal and rapid growth story Largest on-demand supply chain asset pooling company, in an industry with high barriers to entry Trusted supply chain partner equipped to meet evolving customer needs with a focus on quality and sustainability Highly resilient business model with a blue-chip customer base across high growth sectors &nbsp;