LEAP India opens Rs 2,480 crore IPO at Rs 151-159 band

The Development

LEAP India Limited opened its Rs 2,480 crore initial public offering for subscription on Friday, August 7, 2026, with the issue scheduled to close on Tuesday, August 11, per the red herring prospectus (RHP) dated August 1, 2026 that the company filed with the Registrar of Companies, Mumbai and lodged with SEBI. The RHP is available on SEBI's website. The company set a price band of Rs 151 to Rs 159 per equity share of face value Rs 1, and the shares will be listed on both the BSE and the National Stock Exchange, with the NSE as the designated stock exchange.

At Rs 2,480 crore, this is among the larger mainboard offers in the current primary-market window. The RHP structures it as a fresh issue of Rs 480 crore by the company and an offer for sale of Rs 2,000 crore by existing shareholders, so most of the proceeds pass to selling shareholders rather than into the business. Ahead of the opening, the company concluded its anchor allocation on August 6, the anchor bid date recorded in the RHP timetable; market reports put the anchor book at about Rs 744 crore across 32 institutional investors. The Economic Times flagged the opening in its IPO coverage.

The Company

Per the RHP, LEAP India describes itself as the largest on-demand asset pooling provider in India's supply chain management sector, measured by the number of pooled assets, according to the Frost & Sullivan report the company cites. It runs what it calls a "share and reuse" model: it owns pallets, containers and material handling equipment such as forklifts and rents these out to customers who return them for reuse rather than buying single-use equipment. Its customers span FMCG, food and beverages, third-party logistics, e-commerce and quick commerce, automotive and industrials. As of March 31, 2026 the company operated 29 fulfilment centres and had recently established subsidiaries in Saudi Arabia and the UAE, it discloses.

On the numbers, the company discloses restated consolidated revenue from operations of Rs 729.5 crore for the year ended March 31, 2026, up from Rs 466.5 crore in FY2025 and Rs 365 crore in FY2024. Profit after tax was Rs 62.3 crore in FY2026 against Rs 37.6 crore a year earlier, per the RHP, while EBITDA was Rs 378.8 crore at a margin of 50.69%. Total borrowings stood at Rs 1,017.7 crore against a net worth of Rs 1,006.3 crore, a debt-to-equity ratio of 1.01. The company reports 14.70 million pooled assets and a pallet utilisation rate of 89.34% for the year. Its promoters are Sunu Mathew, the chairman, managing director and chief executive, and Vertical Holdings II Pte. Ltd., a Singapore entity that the RHP states is controlled by KKR's Asia Pacific infrastructure arm.

The Offer Structure

Per the RHP, the Rs 480 crore fresh issue sits alongside a Rs 2,000 crore offer for sale. The selling shareholders are Vertical Holdings II Pte. Ltd., offering up to Rs 1,998.62 crore, and KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited, offering up to Rs 1.38 crore. The company will not receive any proceeds from the offer-for-sale portion. The price band is Rs 151 to Rs 159 per share; retail bids are placed in lots as specified in the RHP, and applications are made through the UPI-based ASBA process. Readers working through the arithmetic of a possible allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market reporting sits on the Oquilia news desk.

From the fresh issue, the company discloses it will deploy Rs 360 crore towards repayment or prepayment of certain borrowings, with the balance for general corporate purposes, which the RHP caps at 25% of gross proceeds. The book-running lead managers to the offer are JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India, with MUFG Intime India (formerly Link Intime India) acting as registrar to the offer.

Risk Factors

The RHP lists ten internal risk factors, several of which bear on the durability of LEAP India's revenue. The company discloses that its pallet business is highly concentrated: pallets contributed 62.17% of revenue from operations in FY2026, so any adverse impact on pallet pooling would weigh on its results. Among the risk factors the company discloses is supplier dependence - its top ten suppliers and service providers accounted for 63.27% of total purchases in FY2026, and any loss of those suppliers could disrupt operations.

The RHP also flags that the company's rapid recent growth may not be sustainable, and that it is exposed to volatility in the prices of raw materials such as timber and plastic used to make its assets. It further discloses counterparty credit risk on customer receivables, and notes that 19,889,503 equity shares - about 4.83% of pre-offer capital on a fully diluted basis - held by promoter Sunu Mathew and a promoter-group entity have been pledged in connection with debentures, the invocation of which could dilute their holding. These are the company's own disclosures, not an assessment by this desk.

What Happens Next

With the three-day bidding window running from August 7 to August 11, the next steps follow the standard SEBI process. After the issue closes, the registrar and the exchanges finalise the basis of allotment, funds are unblocked for applicants whose bids are not allotted, and shares are credited to successful applicants before listing on the BSE and NSE. The RHP notes that the UPI mandate confirmation cut-off is 5:00 p.m. on the closing date.

Clearance to reach this stage does not carry any regulatory endorsement of the offer. The abridged prospectus states that the equity shares have "neither been recommended, nor approved by the Securities and Exchange Board of India", and that SEBI does not guarantee the accuracy of the document. Category-wise subscription figures will be published by the exchanges through the bidding window, and the listing price will be set by the market on debut.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and issue size?

Per the RHP, the price band is Rs 151 to Rs 159 per share of face value Rs 1, and the total offer is Rs 2,480 crore - a Rs 480 crore fresh issue plus a Rs 2,000 crore offer for sale by existing shareholders. The shares will list on the BSE and NSE.

When does the issue open and close?

The issue opened for subscription on August 7, 2026 and closes on August 11, 2026, per the RHP. The anchor allocation was concluded on August 6. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website and on the websites of the BSE, the NSE and the book-running lead managers. The abridged prospectus is linked in the source note below.

This report is based on the red herring prospectus filed with SEBI and the company's abridged prospectus on SEBI's website. It was surfaced via coverage in The Economic Times.