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

The Development

LEAP India Limited has set a price band of Rs 151 to Rs 159 per equity share for its initial public offering, which opens for subscription on Friday, 7 August 2026 and closes on Tuesday, 11 August 2026, per the company's red herring prospectus dated 1 August 2026 and bid details published by the National Stock Exchange. The anchor investor allocation was scheduled for Thursday, 6 August 2026.

The offer aggregates up to Rs 24,800 million, or Rs 2,480 crore, at the upper end of the band, per the RHP filed with the Registrar of Companies, Mumbai. It combines a fresh issue of equity shares aggregating up to Rs 4,800 million (Rs 480 crore) with an offer for sale of up to Rs 20,000 million (Rs 2,000 crore) by existing shareholders. The equity shares are proposed to be listed on both the BSE and the NSE, with the NSE designated as the stock exchange for the offer.

The filing was surfaced through coverage in The Economic Times, which reported that LEAP India had earlier completed a pre-IPO placement of Rs 371.3 crore.

The Company

LEAP India describes itself, per the RHP, as the "largest on-demand asset pooling provider" in India's supply chain management sector based on the number of pooled assets, citing a Frost & Sullivan report. The company runs a "share and reuse" model, which it calls pooling, in which it owns and rents out pallets, containers and material handling equipment such as forklifts to customers rather than selling them outright. It serves customers across FMCG, food and beverage, third-party logistics, e-commerce, automotive and industrial sectors, the offer document states.

As at 31 March 2026, the company disclosed 29 fulfilment centres held on a leasehold basis. It cites the Frost & Sullivan report noting India's palletisation rate at around 17% in CY2025 against more than 90% in developed economies. Its stated strategies include integrating CHEP India and international expansion, having 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 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. The RHP reports net worth of Rs 1,006.33 crore and total borrowings of Rs 1,017.73 crore as at 31 March 2026, with an EBITDA margin of 50.69% for the year.

The Offer Structure

The offer for sale comprises up to Rs 19,986.23 million by promoter selling shareholder Vertical Holdings II Pte. Ltd. and up to Rs 13.77 million by KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited, per the RHP. The issue includes an employee reservation portion of up to Rs 12.50 million, according to NSE data. The company's promoters are Sunu Mathew, its Chairman, Managing Director and Chief Executive Officer, and Vertical Holdings II Pte. Ltd., which the RHP states is majority (98.8%) owned by a KKR Asia Pacific Infrastructure Holdings II Pte. Ltd. entity.

The bid lot is 94 equity shares, per NSE, which places the minimum application at Rs 14,946 at the upper end of the band. From the fresh issue, the company proposes to use Rs 3,600 million towards repayment or prepayment of certain borrowings, with the balance for general corporate purposes, per the objects of the offer; the company will not receive any proceeds from the offer for sale. The book-running lead managers are JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India; the registrar is MUFG Intime India. Readers working through allotment arithmetic can use Oquilia's lumpsum calculator or CAGR calculator, and the news desk for prior coverage.

Risk Factors

The RHP lists a concentration in a single product line: the company discloses that pallets contributed 62.17% of its revenue from operations in FY2026, and states that any adverse impact on its pallet pooling business would affect results. Among the risk factors the company discloses is supplier dependence, with its top ten suppliers and service providers accounting for 63.27% of total purchases in FY2026.

The offer document also flags exposure to volatility in the supply and pricing of raw materials such as timber and plastic used to make its assets, and counterparty credit risk on receivables from customers. The RHP notes that the business relies on long-term recurring customer contracts, and that non-renewal by top customers could adversely affect operations. It further discloses that 19,889,503 equity shares, amounting to 4.83% of the pre-offer equity capital on a fully diluted basis and held by promoter Sunu Mathew and promoter group entity Matyas Possessiones Private Limited, had been pledged in favour of Catalyst Trusteeship Limited. These are the company's own disclosures and not an assessment by this desk.

What Happens Next

With the anchor book on 6 August and the public issue open from 7 to 11 August 2026, the standard mechanics follow the SEBI ICDR process: the three-day subscription window, finalisation of the basis of allotment, refunds or unblocking, and credit of shares to demat accounts, ahead of listing on the BSE and NSE. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date, per NSE.

Category-wise subscription figures will be published by the exchanges as bidding progresses, and the basis of allotment and the listing date will be confirmed through registrar and exchange notices. Those figures, stated as of the relevant time, are the only demand data this desk reports.

FAQ

What is the price band and lot size?

The price band is Rs 151 to Rs 159 per equity share, per the RHP and NSE. The bid lot is 94 equity shares and multiples thereafter, which works out to a minimum application of Rs 14,946 at the upper end of the band. The face value is Re 1 per share.

When does the issue open and close?

The public issue opens on Friday, 7 August 2026 and closes on Tuesday, 11 August 2026, with anchor allocation on 6 August, per the exchange record. The UPI mandate confirmation cut-off is 5:00 p.m. on 11 August 2026.

What are the objects of the issue?

Per the RHP, the company proposes to use Rs 3,600 million of the fresh-issue proceeds towards repaying or prepaying certain borrowings, with the balance for general corporate purposes. It will not receive proceeds from the offer-for-sale portion, which flows to the selling shareholders.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website and on the BSE and NSE websites, as stated in the offer document. Read the complete risk-factors section directly before forming any view.

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.

This report is based on the red herring prospectus for LEAP India Limited filed with SEBI and bid details from the NSE. It was surfaced via coverage in The Economic Times.