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

The Development

LEAP India Limited has filed its red herring prospectus (RHP), dated 1 August 2026, with the Registrar of Companies in Mumbai, and the document is now on the record with SEBI. The filing sets the terms for an offer of up to Rs 2,480 crore, structured as a fresh issue of up to Rs 480 crore of equity shares and an offer for sale of up to Rs 2,000 crore by existing shareholders, per the RHP.

Per the offer document, the anchor investor allocation was scheduled for Thursday, 6 August 2026, with the bid and offer period opening on Friday, 7 August 2026 and closing on Tuesday, 11 August 2026. The equity shares, which carry a face value of Re 1 each, are proposed to be listed on the BSE and the National Stock Exchange, with the NSE designated as the stock exchange for the offer.

The development was surfaced through coverage on the primary-market desk of The Economic Times. This report follows the RHP and the exchange record rather than any secondary commentary. LEAP India is a supply-chain asset-pooling company backed by the global investment firm KKR through a Singapore holding entity.

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 F&S Report. 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. The RHP states that its pallets are made largely from sustainably sourced imported softwood, with plastic pallets also offered.

The company discloses that it serves customers across FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrial sectors, and that it operates as a single business segment within India. Per the RHP, it had 14.70 million total revenue-generating assets and 29 fulfilment centres as of 31 March 2026, and it has recently established subsidiaries in Saudi Arabia and the UAE.

On financials, the company discloses restated consolidated revenue from operations of Rs 729.53 crore for the 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 and Rs 37.17 crore in the two preceding years, per the RHP. The company's promoters are Sunu Mathew, its chairman and managing director, and Vertical Holdings II Pte. Ltd., a KKR-controlled entity; the RHP notes the recent integration of CHEP India into its network.

The Offer Structure

The offer combines a fresh issue of up to Rs 480 crore with an offer for sale of up to Rs 2,000 crore, per the RHP. 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.

Of the fresh-issue proceeds, the RHP earmarks Rs 360 crore for the repayment or prepayment, in full or part, of certain borrowings, with the balance for general corporate purposes. The price band, lot size and minimum application amount are set out in the price band advertisement and the RHP filed with the exchanges, and are available on the SEBI and exchange websites. 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 to the offer.

Readers working through the arithmetic of an allotment or a holding period can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage is on the Oquilia news desk.

Risk Factors

The RHP sets out ten internal risk factors that the company is required to disclose. Among them, the RHP lists a heavy revenue concentration in pallets, which contributed 62.17%, 67.90% and 72.23% of revenue from operations in FY2026, FY2025 and FY2024 respectively; any adverse impact on the pallet-pooling business would affect its results.

The company discloses that it depends on a concentrated supplier base, with its top ten suppliers and service providers accounting for 63.27%, 60.00% and 77.00% of total purchases in the three fiscal years. Among the other risk factors the company discloses are that it may not sustain its recent rate of growth and profitability, that it is exposed to volatility in the prices of raw materials such as timber and plastic, and that it faces counterparty credit risk on receivables. The RHP also records that shares held by a promoter and a promoter-group entity, amounting to 4.83% of pre-offer capital, had been pledged in relation to non-convertible debentures. These are the company's own disclosures, not an assessment by this desk.

What Happens Next

With the anchor allocation and the three-day bid window set for 6 to 11 August 2026 in the RHP, the next steps follow the standard sequence for a book-built offer. After the subscription window closes, the basis of allotment is finalised by the registrar in consultation with the designated stock exchange, followed by refunds or the unblocking of application amounts held under the UPI and ASBA mechanisms for unsuccessful or partially successful applicants.

The shares are then credited to successful applicants' demat accounts before listing on the BSE and the NSE. Final subscription multiples, the allotment date and the listing date become matters of the exchange record as each step is completed, and this desk reports those figures as they are published rather than forecasting 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.

What is the size and structure of the offer?

Per the RHP, the total offer is up to Rs 2,480 crore, comprising a fresh issue of up to Rs 480 crore by the company and an offer for sale of up to Rs 2,000 crore by Vertical Holdings II Pte. Ltd. and KIA EBT Scheme 3. The company receives proceeds only from the fresh issue.

When does the issue open and close?

The RHP records the anchor investor bid date as 6 August 2026, with the bid and offer period opening on 7 August 2026 and closing on 11 August 2026. The UPI mandate end time is stated as 5:00 p.m. on the closing date.

What are the objects of the fresh issue?

Per the RHP, the company proposes to use Rs 360 crore of the net fresh-issue proceeds towards the repayment or prepayment of certain borrowings, with the remainder for general corporate purposes. The offer-for-sale proceeds go to the selling shareholders, not the company.

Where can I read the RHP?

The red herring prospectus is available on the SEBI website and on the BSE and NSE websites, as well as on the websites of the company and the book running lead managers. It carries the full restated financial statements and the complete risk-factors section.

This report is based on the red herring prospectus filed with SEBI and the offer document lodged with the exchanges. It was surfaced via coverage in The Economic Times.