LEAP India IPO, which opened for bidding on 7 August, has entered its second day of subscription on Monday, 10 August. The ₹2,480 crore IPO will close for subscription on Tuesday, 11 August.
Established in 2013, LEAP India Ltd is engaged in sustainable supply chain and logistics infrastructure, offering asset-pooling and reusable packaging solutions to companies across various sectors.
Its portfolio includes equipment pooling, returnable packaging, inventory management, transportation, as well as repair and maintenance services. Through these solutions, the company helps businesses enhance supply chain efficiency, maximise asset utilisation, and improve overall logistics operations.
LEAP India IPO subscription status
LEAP India IPO received a mixed response from investors on the first day of bidding, with the issue garnering an overall subscription of 26% against the 11.49 crore shares available for subscription.
The retail investors’ portion was subscribed 13%, while the Non-Institutional Investors (NIIs) category saw 11% subscription against the 2.46 crore shares earmarked for them.
Institutional participation was comparatively stronger, with the Qualified Institutional Buyers (QIBs) segment witnessing 61% subscription. Bids were placed for a significant portion of the 3.28 crore shares reserved for QIBs.
LEAP India GMP today
LEAP India IPO GMP today stands at ₹16. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price of LEAP India shares is ₹175 apiece, representing a 10.06% premium over the IPO price of ₹159.
The IPO’s GMP has been on an upward trajectory today, based on grey market trends recorded over the past six sessions, indicating positive expectations for the stock’s listing. During this period, the GMP ranged between ₹3 and ₹19.50, according to expert analysis.
LEAP India review
Brokerage firm Anand Rathi has given ‘subscribe – long-term’ rating to the LEAP India IPO.
“At the upper end of the price band, the company is valued at a P/E of 113.6x FY26 earnings, EV/EBITDA of 21.8x, and P/BV of 6.9x, implying a post-issue market capitalization of ₹70,045 million. While LEAP India is well-positioned to benefit from increasing adoption of asset pooling solutions, supply chain formalization, and its international expansion strategy, the issue appears aggressively priced considering its ROE of 6.19%. Hence, we recommend a “Subscribe – Long Term” rating to the IPO,” the firm said in a note.
Meanwhile, SBI Securities has given a ‘Neutral’ rating to the LEAP India IPO, citing the company’s position as India’s largest asset-pooling player, supported by a strong brand presence, pan-India service network and technology-enabled asset management capabilities. The brokerage said acquisitions such as SKAN Marine, CHEP India and TARON have further strengthened LEAP India’s leadership in the supply-chain asset-pooling space by enhancing its asset base, customer reach and material-handling equipment (MHE) capabilities.
According to SBI Securities, LEAP India’s revenue, EBITDA and PAT clocked CAGRs of 41.4%, 33.4% and 29.5%, respectively, between FY24 and FY26. However, at the upper price band of ₹159 per share, the IPO commands a valuation of 20.9x FY26 P/E and 112.4x EV/EBITDA on a post-issue basis, the brokerage noted.
The brokerage expects the company to save ₹29–32 crore annually in interest costs following the deployment of IPO proceeds. However, it raised concerns over LEAP India’s working-capital-intensive business model and its high receivable days of around 131 days. SBI Securities said it would prefer to monitor the company’s performance for a few quarters after listing before adopting a more positive view.
LEAP India IPO details
The LEAP India IPO comprises a fresh issue of 3.02 crore equity shares worth ₹480 crore and an offer for sale (OFS) of 12.58 crore shares valued at approximately ₹2,000 crore. The company has fixed the price band for the issue at ₹151-159 per share.
Under the OFS portion, KKR-backed Vertical Holdings II will sell shares worth around ₹1,998.6 crore, while the remaining shares will be offloaded by promoter group entity KIA EBT Scheme 3.
The public issue opened for subscription on August 7, 2026, and will close on August 11. The share allotment is expected to be finalised on August 12, with LEAP India shares likely to list on the NSE and BSE on August 14.
Retail investors can bid for a minimum of 94 shares. At the upper end of the price band, a single lot will cost approximately ₹14,946.
LEAP India plans to use around ₹360 crore from the net IPO proceeds to repay or prepay certain outstanding borrowings. The remaining funds will be utilised for general corporate purposes, including strengthening operations and supporting the company’s expansion plans.
JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India are acting as the book-running lead managers for the issue, while MUFG Intime India is the registrar.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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