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

The Development

LEAP India Limited has filed its red herring prospectus with the Registrar of Companies, dated 1 August 2026, for an initial public offering of up to Rs 2,480 crore, per the filing lodged on SEBI's public-issues record on 3 August 2026. The Mumbai-based supply-chain company describes the offer as a book-built issue comprising a fresh issue of up to Rs 480 crore and an offer for sale of up to Rs 2,000 crore by existing shareholders. The development was surfaced through IPO-tracking coverage carried by Google News.

Per the RHP, the anchor-investor bidding date is set for Thursday, 6 August 2026, with the public issue opening on Friday, 7 August 2026 and closing on Tuesday, 11 August 2026. The equity shares are proposed to be listed on both the BSE and the National Stock Exchange, with the NSE designated as the stock exchange for the offer. The price band and minimum lot size are to be fixed by the company in consultation with the book-running lead managers and published in the pre-issue advertisement, as the RHP states.

At up to Rs 2,480 crore, the filing places LEAP India among the larger mainboard offers in the current window, the bulk of it an offer for sale by the company's private-equity backer rather than a capital raise for the business.

The Company

Per the RHP, LEAP India operates a "share and reuse" pooling model and describes itself 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 owns the pallets, containers and material-handling equipment it pools out to customers; most of its pallets are made from FSC-certified SPF softwood, with plastic pallets also offered. It serves customers across FMCG, food and beverages, third-party logistics, e-commerce and quick commerce, automotive and industrials, and reports a single operating segment entirely within India. The company discloses that it has recently established wholly-owned subsidiaries in Saudi Arabia and the UAE.

On financials, the company discloses restated consolidated 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 in FY2025 and Rs 37.17 crore in FY2024, per the RHP. EBITDA for FY2026 was Rs 378.83 crore and net worth stood at Rs 1,006.33 crore, while total borrowings were Rs 1,017.73 crore, the offer document states.

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 describes as majority owned and controlled, through an intermediate holding company, by KKR Asia Pacific Infrastructure Holdings II Pte. Ltd.

The Offer Structure

Per the RHP, the fresh issue is sized at up to Rs 480 crore and the offer for sale at up to Rs 2,000 crore, taking the total offer to up to Rs 2,480 crore at a face value of Rs 1 per share. The selling shareholders are Vertical Holdings II Pte. Ltd., tendering up to Rs 1,998.62 crore, and KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited, tendering up to Rs 1.38 crore. The company will not receive any proceeds from the offer for sale.

The company discloses that it proposes to use Rs 360 crore of the net fresh-issue proceeds towards repayment or prepayment of certain borrowings, with the balance for general corporate purposes, which it states will not exceed 25% of gross proceeds. The book-running lead managers are JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India, with MUFG Intime India (formerly Link Intime India) as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage is on the Oquilia news desk.

Risk Factors

The RHP lists ten principal internal risk factors, several of which bear on revenue concentration and operations. The company discloses that its business has grown rapidly in recent years and that it may not sustain that rate of growth or profitability. A majority of revenue comes from pallets, which the RHP states 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 results.

Among the risk factors the company discloses is supplier concentration, with its top ten suppliers and service providers accounting for 63.27%, 60.00% and 77.00% of total purchases across the three years, and exposure to volatility in the prices of raw materials such as timber and plastic. The RHP also lists counterparty credit risk on receivables, dependence on key managerial personnel, and reliance on its technology infrastructure. Separately, the company discloses that 19,889,503 shares, amounting to 4.83% of pre-offer equity on a fully diluted basis and held by promoter Sunu Mathew and promoter-group entity Matyas Possessiones, had been pledged in connection with non-convertible debentures.

What Happens Next

The standard sequence from here runs through the anchor book on 6 August 2026, ahead of the three-day subscription window that opens on 7 August and closes on 11 August, per the RHP. The price band and minimum lot size are to be published in the pre-issue advertisement before bidding opens, after which applications are made through the ASBA and UPI mechanisms.

Once the subscription window closes, the registrar finalises the basis of allotment, followed by refunds or the unblocking of application amounts and the crediting of shares to demat accounts, before the shares list on the BSE and the NSE. The RHP records the standard SEBI disclaimer that the equity shares have neither been recommended nor approved by the regulator, which does not guarantee the accuracy of the document, and directs bidders to the risk-factors section beginning on page 21.

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.

When does the LEAP India issue open and close?

Per the RHP, the anchor-investor bidding date is 6 August 2026, the issue opens on 7 August 2026 and closes on 11 August 2026. The price band and minimum lot size are set in the pre-issue advertisement published before bidding opens, not in the RHP itself.

What is the size of the offer?

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 by Vertical Holdings II Pte. Ltd. and KIA EBT Scheme 3, at a face value of Rs 1 per share, per the RHP.

What does LEAP India do?

The company describes itself as India's largest on-demand supply-chain asset-pooling provider, renting out pallets, containers and material-handling equipment under a "share and reuse" model to customers across FMCG, logistics, e-commerce and automotive sectors, per the RHP.

Where can I read the RHP?

The red herring prospectus and abridged prospectus are available on SEBI's website at sebi.gov.in and on the NSE and BSE websites. The offer document is the authoritative source for all financials, objects of the offer and risk factors.

This report is based on the red herring prospectus filed with SEBI and the abridged prospectus on the same official record. It was surfaced via IPO-tracking coverage carried by Google News.