LEAP India opens Rs 2,480 crore IPO after Rs 743.6 crore anchor round

The Development

LEAP India Limited opened its initial public offering to the public on Friday, August 7, 2026, a Rs 2,480 crore book-built issue that ranks among the larger mainboard offerings of the current window. The offer is made under the red herring prospectus dated August 1, 2026, filed with the Registrar of Companies, Mumbai and available on the website of the Securities and Exchange Board of India (SEBI). Per the RHP, the total offer aggregates up to Rs 24,800 million (Rs 2,480 crore), comprising a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore. The equity shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange.

The issue was preceded by the anchor book. The RHP sets the anchor investor bidding date as Thursday, August 6, 2026, and The Economic Times, which reported the milestone, said the company allotted Rs 743.6 crore to 32 anchor investors, among them the Monetary Authority of Singapore, Norway's Government Pension Fund Global, Morgan Stanley India Investment Fund, Goldman Sachs Investments (Mauritius) I and Citigroup Global Markets Mauritius. The three-day subscription window closes on Tuesday, August 11, 2026. The price band, per the price band advertisement and ET's coverage, is Rs 151 to Rs 159 per equity share of face value Re 1.

The Company

Per the RHP, LEAP India describes itself as the largest on-demand asset pooling provider in India's supply chain management sector by number of pooled assets, citing the F&S Report. It runs a "share and reuse" model, which it calls pooling, across pallets, containers and material handling equipment such as forklifts, all owned by the company. Most of its pallets are made from imported FSC-certified softwood, and it also offers plastic pallets. The company discloses that it serves FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrial customers, and that it has recently established wholly owned subsidiaries in Saudi Arabia and the UAE.

The company discloses restated consolidated revenue from operations of Rs 729.53 crore in the year ended March 31, 2026, up from Rs 466.47 crore in FY2025 and Rs 364.97 crore in FY2024. Profit after tax was Rs 62.34 crore in FY2026, against Rs 37.56 crore in FY2025, per the RHP. EBITDA stood at Rs 378.83 crore and net worth at Rs 1,006.33 crore as at March 31, 2026, while total borrowings had fallen to Rs 513.07 crore. The promoters are Sunu Mathew, the chairman, managing director and chief executive, and Vertical Holdings II Pte Ltd, a Singapore entity controlled by KKR, the RHP states.

The Offer Structure

Per the RHP, the fresh issue of up to Rs 480 crore is accompanied by an offer for sale of up to Rs 2,000 crore. Within the offer for sale, Vertical Holdings II Pte Ltd is selling up to Rs 1,998.62 crore and the promoter group selling shareholder, KIA EBT Scheme 3 acting through its trustee Catalyst Trusteeship, up to Rs 1.38 crore. The company will not receive any proceeds from the offer for sale. Of the fresh-issue net proceeds, the RHP earmarks Rs 360 crore for repayment or prepayment, in full or in part, of certain borrowings, with the balance for general corporate purposes, which the document states will not exceed 25% of gross proceeds.

The book-running lead managers to the offer are JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India, and the registrar is MUFG Intime India (formerly Link Intime India), per the RHP. Readers working through the arithmetic of an allotment or a holding period can use Oquilia's lumpsum calculator and CAGR calculator, and prior primary-market coverage is on the Oquilia news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose, and directs readers to the full risk-factors section beginning on page 21 of that document. Among the risk factors the company discloses, it lists that its business has grown rapidly in recent years and that it may not be able to sustain its rate of growth and profitability.

The RHP also notes revenue concentration in a single product line: pallets contributed 62.17%, 67.90% and 72.23% of revenue from operations in FY2026, FY2025 and FY2024 respectively, so any adverse impact on the pallet pooling business would affect results. The company further discloses dependence on suppliers and service providers, with its top ten accounting for 63.27%, 60.00% and 77.00% of total purchases across the same three years, and exposure to volatility in the supply and pricing of raw materials such as timber and plastic. Among other risks, the company discloses that 19,889,503 equity shares, amounting to 4.83% of pre-offer capital and held by promoter Sunu Mathew and promoter-group entity Matyas Possessiones, had been pledged in favour of Catalyst Trusteeship, and that invocation of the pledge could dilute those holdings.

What Happens Next

With the anchor book placed on August 6 and the issue open from August 7, the offer follows the standard mechanics from here. Bidding runs for three days and closes on August 11, with applications made through the ASBA and UPI framework, under which the application amount is blocked in the applicant's bank account until allotment. After the close, the basis of allotment is finalised by the registrar in consultation with the designated stock exchange, the NSE.

Once the basis of allotment is settled, shares are credited to the demat accounts of allottees and the blocked amounts are released for applicants who are not allotted shares, before the equity shares are listed and admitted to trading on the BSE and NSE. The RHP and the exchanges will carry the confirmed allotment and listing dates. These are process steps set by regulation and the offer timetable, not indicators of demand or of any price.

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?

The total offer is up to Rs 2,480 crore, comprising a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore, per the RHP. The price band, per the price band advertisement and ET's reporting, is Rs 151 to Rs 159 per equity share of face value Re 1.

When does the LEAP India issue open and close?

Per the RHP, the anchor investor bidding date was Thursday, August 6, 2026. The public issue opened on Friday, August 7, 2026 and closes on Tuesday, August 11, 2026. The basis of allotment and the listing date follow after the close, as confirmed by the registrar and the exchanges.

Where can I read the RHP?

The red herring prospectus dated August 1, 2026 is available on SEBI's website and on the BSE and NSE websites, as well as on the websites of the book-running lead managers. It contains the full financials, objects of the offer, capital structure and risk factors.

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