LEAP India sets Rs 151-159 band for Rs 2,480 crore IPO

The Development

LEAP India Limited has fixed a price band of Rs 151 to Rs 159 per equity share of face value Rs 1 for its initial public offering, which is scheduled to open for subscription on Friday, August 7, 2026 and close on Tuesday, August 11, 2026, with the anchor investor bidding date set for Thursday, August 6, 2026. The terms are drawn from the company's red herring prospectus dated August 1, 2026, filed with the Registrar of Companies, Mumbai, and available on SEBI's website, the exchanges and the company's own site.

The offer aggregates up to Rs 2,480 crore and comprises a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore, per the RHP. LEAP India is backed by the global investment firm KKR through its promoter entity Vertical Holdings II Pte. Ltd. The equity shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange. The price band and dates milestone was reported by The Economic Times.

The Company

LEAP India describes itself, in the RHP, 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 cited in the document. The company operates a "share and reuse" model, referred to as pooling, under which it owns and rents out pallets, containers and material handling equipment such as forklifts. Most of its pallets are made from imported FSC certified softwood, and it serves customers across FMCG, food and beverages, third-party logistics, e-commerce, quick commerce, automotive and industrials. As of March 31, 2026, the company disclosed 29 fulfilment centres on a leasehold basis.

Per the RHP, revenue from operations rose to Rs 729.53 crore in the financial year ended March 31, 2026, 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 and Rs 37.17 crore in FY2024. The company discloses EBITDA of Rs 378.83 crore and an EBITDA margin of 50.69% for FY2026, a net worth of Rs 1,006.33 crore and total borrowings of Rs 1,017.73 crore, for a debt-to-equity ratio of 1.01. The promoters are Sunu Mathew, the Chairman, Managing Director and Chief Executive Officer, and Vertical Holdings II Pte. Ltd.

The Offer Structure

The offer is a combination of a fresh issue and an offer for sale, per the RHP. The fresh issue is of up to Rs 480 crore, while the offer for sale of up to Rs 2,000 crore comprises up to Rs 1,998.62 crore by the promoter selling shareholder Vertical Holdings II Pte. Ltd. and up to Rs 1.38 crore by KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited. The company will not receive any proceeds from the offer for sale. The price band has been set at Rs 151 to Rs 159 per share, per the price band advertisement carried ahead of the issue; the lot size and minimum application amount are specified in that advertisement and the RHP.

Per the RHP, the objects of the fresh issue are the repayment or prepayment, in full or in part, of certain borrowings, for which Rs 360 crore is earmarked, and general corporate purposes, capped at 25% of gross proceeds. The book running lead managers are JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited and UBS Securities India Private Limited, and the registrar is MUFG Intime India Private Limited. Readers working through the arithmetic of an allotment may find Oquilia's lumpsum calculator and CAGR calculator useful, and prior coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the top ten internal risk factors the company is required to disclose. Among them, LEAP India discloses that a majority of its revenue is derived from pallets, which contributed 62.17% of revenue from operations in FY2026, so any adverse impact on the pallet pooling business would affect results. The RHP lists concentration among suppliers and service providers, whose top ten accounted for 63.27% of total purchases in FY2026, as a further risk.

Among the risk factors the company discloses are that its business has grown rapidly and it may not be able to sustain its rate of growth and profitability, and that it is exposed to volatility in the supply and pricing of raw materials such as timber and plastic. The RHP also lists counterparty credit risk on receivables and dependence on key managerial personnel. Separately, the document discloses that 19,889,503 equity shares held by promoter Sunu Mathew and promoter group entity Matyas Possessiones Private Limited, amounting to 4.83% of the pre-offer share capital on a fully diluted basis, had been pledged in favour of Catalyst Trusteeship Limited in relation to debentures issued by Matyas.

What Happens Next

Per the RHP, anchor investor bidding takes place on August 6, 2026, a day before the issue opens to other categories of bidders on August 7. The three-day subscription window closes on August 11, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing date. After the window shuts, the registrar finalises the basis of allotment, refunds and the unblocking of application amounts follow for unsuccessful and partially successful applicants, and the shares are then admitted to trading on the BSE and the NSE. The Economic Times reported the listing is slated for August 14, 2026.

At every stage the exchanges publish category-wise subscription data and, subsequently, the listing price against the issue price. These are facts on the official record. SEBI's standard disclaimer, reproduced in the RHP, states that the equity shares have "neither been recommended, nor approved" by the regulator, and that SEBI does not guarantee the accuracy or adequacy of the document's contents.

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 and the price band advertisement, the band is Rs 151 to Rs 159 per equity share of face value Rs 1. The total offer aggregates 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.

When does the issue open and close?

Per the RHP, anchor investor bidding is on August 6, 2026, the issue opens on August 7 and closes on August 11, 2026. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date.

What are the objects of the fresh issue?

The company discloses in the RHP that the fresh issue proceeds are for the repayment or prepayment of certain borrowings, for which Rs 360 crore is earmarked, and for general corporate purposes, which are capped at 25% of gross proceeds. The company receives no proceeds from the offer-for-sale portion.

Where can I read the RHP?

The red herring prospectus is available on the SEBI website, on the NSE and BSE websites, and on the company's own website. The exchanges publish subscription and listing data on the official record.

This report is based on the red herring prospectus filed with SEBI and the offer's proposed listing on the NSE. It was surfaced via coverage in The Economic Times.