LEAP India files RHP for Rs 2,480 crore IPO, opens August 7

The Development

LEAP India Limited has placed its initial public offering on the official record, filing a red herring prospectus for an issue of up to Rs 2,480 crore that is scheduled to open on Friday, 7 August 2026 and close on Tuesday, 11 August 2026. Per the red herring prospectus dated 1 August 2026, filed with the Registrar of Companies, Mumbai, the book-built offer comprises a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore by existing shareholders. Anchor investor bidding is scheduled for Thursday, 6 August 2026, per the offer schedule set out in the document.

The equity shares, of face value Re 1 each, are proposed to be listed on the BSE and the National Stock Exchange, with the NSE named as the designated stock exchange. The offer is being made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Per the abridged prospectus, the floor price, cap price and offer price are to be determined through the book-building process and disclosed in the price band advertisement, and the band is carried in the document as pending finalisation. The offer counts among the larger mainboard issues in the current window, ahead of several other filings clustered in late July and early August.

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, citing the Frost and Sullivan report referenced in the document. Its "share and reuse" pooling model rents out reusable pallets, containers and material handling equipment such as forklifts, all of which the company owns. The company discloses that most of its pallets are made from sustainably sourced, FSC-certified softwood. Its customer base spans FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrials, and it operated 29 fulfilment centres as of 31 March 2026, per the offer document.

On financials, the company discloses restated revenue from operations of Rs 729.53 crore for the financial year ended 31 March 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 a year earlier, per the RHP. The document reports FY2026 EBITDA of Rs 378.83 crore and an EBITDA margin of 50.69%, net worth of Rs 1,006.33 crore and total borrowings of Rs 1,017.73 crore, a debt-to-equity ratio of 1.01 times. The promoters are Sunu Mathew, the Chairman, Managing Director and Chief Executive Officer, and Vertical Holdings II Pte. Ltd., a Singapore entity that the RHP states is majority controlled by an affiliate of KKR.

The Offer Structure

Per the RHP, the fresh issue of up to Rs 480 crore is the only portion from which the company will receive proceeds; the Rs 2,000 crore offer for sale flows entirely to the selling shareholders. Vertical Holdings II Pte. Ltd. is selling up to Rs 1,998.62 crore of shares and KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited, up to Rs 1.38 crore, per the document. Of the fresh issue, the company states that Rs 360 crore is earmarked for the repayment or prepayment of certain borrowings, with the balance for general corporate purposes, which the RHP caps at 25% of gross proceeds.

The offer reserves shares for qualified institutional buyers, non-institutional bidders and retail individual bidders in the proportions set out in the offer structure section of the RHP. The price band and lot size are to be published in the price band advertisement ahead of the anchor book. The book-running lead managers are JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India, with MUFG Intime India (formerly Link Intime) as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose. Among them, the company states that its business has grown rapidly and that it may not be able to sustain that rate of growth and profitability. The RHP lists a concentration risk in pallets, which contributed 62.17% of revenue from operations in FY2026, meaning any adverse impact on the pallet pooling business would weigh on results.

The document also discloses dependence on its suppliers and service providers, with the top ten accounting for 63.27% of total purchases in FY2026, and exposure to volatility in the supply and pricing of raw materials such as timber and plastic. Among the risk factors the company discloses are the loss of pooling assets and inadequate controls on pooling equipment, counterparty credit risk on receivables, and the pledge of 19,889,503 equity shares, about 4.83% of pre-offer capital on a fully diluted basis, in connection with debentures issued by a promoter group entity. These are the company's own disclosures reproduced from the offer document, not an assessment by this desk.

What Happens Next

The RHP filing sets the standard mechanics in motion. Following the price band advertisement, anchor investors are due to be allotted shares on 6 August 2026, per the schedule, ahead of the three-day subscription window from 7 to 11 August. Applications are made through the UPI-backed ASBA process, under which the application amount is blocked in the applicant's bank account until allotment, with the UPI mandate cut-off at 5 p.m. on the closing date.

After the issue closes, the basis of allotment is finalised with the registrar and the designated stock exchange, refunds or unblocking follow for unsuccessful or partial applications, and shares are credited before listing on the BSE and NSE. Subscription figures are published category-wise by the exchanges during the window, and the listing date and price are confirmed by exchange notice. Each of these steps is a matter of official record rather than a prediction of demand or 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.

How big is the LEAP India IPO?

Per the RHP, the offer is up to Rs 2,480 crore, split into a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore. Only the fresh issue proceeds accrue to the company; the offer-for-sale proceeds go to the selling shareholders.

When does the issue open and close?

The offer is scheduled to open on Friday, 7 August 2026 and close on Tuesday, 11 August 2026, with anchor investor bidding on Thursday, 6 August 2026, per the offer schedule in the RHP. The UPI mandate cut-off is 5 p.m. on the closing date.

What will the company do with the proceeds?

The RHP states that Rs 360 crore of the fresh issue is earmarked for repayment or prepayment of certain borrowings, with the remainder for general corporate purposes. The offer-for-sale portion raises no money for the company itself.

Where can I read the RHP?

The red herring prospectus is available on the SEBI website and on the BSE and NSE websites, as stated in the abridged prospectus. It contains the full risk factors, financial statements and offer terms.

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