About LEAP India IPO
LEAP India Limited is set to launch its IPO for public subscription on August 7, 2026, and will remain open until August 11, 2026.
The LEAP India IPO price band is set at ₹151–₹159 per equity share. The allotment is expected to be finalised on August 12, 2026.
The LEAP India IPO is a ₹2,480 crore book-building issue, comprising a fresh issue aggregating to ₹480 crore and an offer for sale (OFS) of up to 12,57,86,163 equity shares aggregating to ₹2,000 crore, with a face value of ₹1 each.
Business Overview of LEAP India
LEAP India Limited, incorporated in 2013, is India's leading sustainable supply chain and asset-pooling solutions provider. The company offers equipment pooling, returnable packaging, inventory management, transportation, and repair & maintenance services.
They provide services to industries including FMCG, food & beverage, third-party logistics, e-commerce, quick commerce, automotive, industrial, and consumer durables.
As of RHP, LEAP India holds approximately 90% share of the pallet pooling market in India. Pallets are its core business, contributing 62.17% of FY26 revenue from operations.
Global investment firm KKR acquired a majority stake through Vertical Holdings II Pte. Ltd. in 2023, and co-promoter Sunu Mathew serves as the founder.
Other Key Highlights of LEAP India include:
| Particulars | Details |
|---|---|
| Core Business | Pallet pooling and supply chain asset solutions |
| India Pallet Pooling Market Share | ~90% |
| Pallet Revenue Share (FY26) | 62.17% |
| Customers (as of Mar 31, 2026) | 1,000+ |
| Key Clients | Hindustan Coca-Cola, Marico, Daikin, Panasonic, Toll Logistics |
| Permanent Employees (as of Mar 31, 2026) | 419 |
| MHE Operators | 2,062 |
| Backed By | KKR (via Vertical Holdings II Pte. Ltd.) |
| Revenue (FY26) | ₹747.36 crore |
| PAT (FY26) | ₹62.34 crore |
LEAP India IPO Date, Price, and Other Details
The following are the IPO details of LEAP India out for subscription on August 7, 2026.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹2,480 crore |
| Offer Type | Fresh issue of ₹480 crore + OFS of ₹2,000 crore |
| Total OFS Equity Shares | 12,57,86,163 shares |
| Price Band | ₹151 to ₹159 per share |
| Issue Dates | Opens: Aug 7, 2026 · Closes: Aug 11, 2026 |
| Minimum Bid Lot | 1 lot of 94 shares |
| Minimum Investment (Retail) | ₹14,946 (at upper band) |
| Allotment Date | Aug 12, 2026 |
| Credit to Demat | Aug 13, 2026 |
| Listing Date | Aug 14, 2026 |
| Face Value | ₹1 per share |
| Lead Managers (BRLMs) | JM Financial Ltd., Avendus Capital Pvt. Ltd., IIFL Capital Services Ltd., UBS Securities India Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing Exchanges | NSE & BSE |
LEAP India IPO Reservation: Who Can Apply?
The LEAP India IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹159) |
|---|---|---|---|
| Retail (Min) | 1 | 94 | ₹14,946 |
| Retail (Max) | 13 | 1,222 | ₹1,94,298 |
| sNII (Min) | 14 | 1,316 | ₹2,09,244 |
| sNII (Max) | 66 | 6,204 | ₹9,86,436 |
| bNII (Min) | 67 | 6,298 | ₹10,01,382 |
| QIB | As applicable | — | — |
Strengths and Risks of LEAP India IPO
With every business owning its strengths and risks, even the LEAP India IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- LEAP India has a dominant market position of approx 90% share of India's pallet pooling market with no directly comparable listed peer.
- KKR backing via Vertical Holdings II Pte. Ltd. provides institutional governance, capital, and strategic depth.
- Revenue grew 54% from ₹485.03 crore (FY25) to ₹747.36 crore (FY26), with PAT rising 66% in the same period.
- Over 1,000 customers across FMCG, F&B, logistics, e-commerce, quick commerce, automotive, and consumer durables.
- The company works ina circular economy model where shared asset pooling reduces waste, lowers customer costs, and supports sustainability mandates.
Risks
- KKR is the primary seller, raising questions about the timing and scale of the exit.
- The OFS component (₹2,000 crore) is significantly larger than the fresh issue (₹480 crore)
- P/E of 111.97x at the upper band is exceptionally high, raising questions on valuation metrics.
- Pallet pooling accounts for 62.17% of FY26 revenue. Any disruption, regulatory change, or competitive entry in this segment would have an outsized impact.
- With the pallet pooling market in India is still nascent. Certain adoption rates, pricing power, and customer stickiness are not yet fully proven at scale.
- The company competes with customers' own in-house logistics operations and traditional one-way packaging, which could slow adoption.
Future Plans/Strategies of LEAP India
- Expand asset pool and geographic coverage to serve more customers across India.
- Deepen penetration in quick commerce, e-commerce, and industrial segments.
- Invest in technology, automation, and sustainability infrastructure.
- Use IPO proceeds to strengthen the balance sheet and support growth.
- Listing on exchanges to enhance visibility and provide liquidity to shareholders.
LEAP India IPO Objectives – How Will the Funds Be Used?
The LEAP India IPO comprises a fresh issue (₹480 crore) and an OFS (₹2,000 crore).
The company will receive proceeds only from the fresh issue. The OFS amount (predominantly from KKR-backed Vertical Holdings II Pte. Ltd.) will go to the selling shareholders.
| Objective | Amount (₹ crore) |
|---|---|
| Business expansion and growth | ₹3600 |
| General corporate purposes | Shall not exceed 25% of gross proceeds |
Promoter Shareholding of LEAP India IPO
The promoter group of LEAP India Limited comprises Sunu Mathew and Vertical Holdings II Pte. Ltd.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Vertical Holdings II Pte. Ltd. (KKR) | 73.78% |
| Sunu Mathew (Founder) | 21.07% |
| Total (Promoter Group - 0.56%) | 95.42% |
Financial Performance (₹ in crores) of LEAP India IPO
Here's the table outlining the financial performance of LEAP India Limited from FY 2023 to FY 2025 and up to 31st March, 2026.
(₹ in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,401.05 | 2,042.46 | 1,400.28 |
| Total Income | 747.36 | 485.03 | 371.94 |
| Profit After Tax | 62.34 | 37.56 | 37.17 |
| EBITDA | 378.83 | 273.80 | 209.92 |
| NET Worth | 1,006.33 | 917.35 | 714.18 |
| Reserves and Surplus | 678.78 | 606.09 | 521.84 |
| Total Borrowing | 1,017.73 | 801.66 | 513.07 |
Key Performance Metrics of LEAP India
Based on the financials available in the RHP, the following key performance metrics of LEAP India IPO can be considered.
| KPI | As of Mar 2026 | Values (as of FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 6.48% | 4.60% |
| Net Asset Value (NAV) | 24.52 | 24.35 |
| Price/Earnings (P/E) Ratio | - | |
| Earnings Per Share (EPS - Diluted) | 1.50 | 0.99 |
| EBITDA Margin (%) | 50.69% | 56.45% |
| PAT Margin (%) | 8.34% | 7.74% |
| Debt to Equity Ratio | 1.01 | 0.87 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of LEAP India IPO
The Registrar of LEAP India IPO is MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Website: https://in.mpms.mufg.com
Lead Manager of LEAP India IPO
In total, 4 lead managers are handling the IPO process of LEAP India Limited, namely;
- JM Financial Ltd.
- Avendus Capital Pvt. Ltd.
- IIFL Capital Services Ltd.
- UBS Securities India Pvt. Ltd.
