The company plans to raise Rs 2,480 crore through its public issue, which opens for subscription on August 7.
Mumbai: KKR-backed supply chain asset pooling company LEAP India has fixed the price band for its Rs 2,480 crore initial public offering (IPO) at Rs 151 to Rs 159 per share. The public issue will open for subscription on August 7 and close on August 11, while the anchor investor portion will open on August 6.
The IPO comprises a fresh issue of shares worth Rs 480 crore and an offer for sale (OFS) of Rs 2,000 crore by existing shareholders. The company has increased the size of its fresh issue from the Rs 400 crore proposed in its draft red herring prospectus (DRHP) filed in August 2025, while the OFS component remains unchanged.
The minimum application has been fixed at 94 equity shares and multiples thereafter. The basis of allotment is expected to be finalized on August 12, with refunds and credit of shares to successful applicants’ demat accounts likely on August 13. LEAP India is scheduled to list on the BSE and NSE on August 14, subject to regulatory approvals.
Promoters to Sell Shares Through OFS
Under the offer for sale, promoter Vertical Holdings II Pte Ltd, an affiliate of global investment firm KKR, will sell shares worth up to Rs 1,998.62 crore. Promoter group entity KIA EBT Scheme 3, acting through its trustee, will sell shares worth up to Rs 1.38 crore.
As with any offer for sale, LEAP India will not receive proceeds from this portion of the issue. The money raised through the OFS will go to the selling shareholders after applicable taxes and expenses. Shares worth Rs 1.25 crore have also been reserved for eligible employees.
Proceeds to Reduce Debt
The company plans to use up to Rs 360 crore from the fresh issue proceeds to repay or prepay a portion of its outstanding borrowings. The remaining funds will be used for general corporate purposes.
LEAP India’s consolidated borrowings stood at Rs 1,023.20 crore as of June 30, 2026, making debt reduction one of the primary objectives of the fundraising.
India’s Largest Asset Pooling Businesses
Founded in 2013, Mumbai-based LEAP India operates a supply chain asset pooling business that provides reusable pallets, containers, crates, and material-handling equipment to businesses instead of requiring them to purchase these assets outright.
The company serves customers across sectors including fast-moving consumer goods (FMCG), food and beverages, third-party logistics, e-commerce, quick commerce, automotive, and industrial manufacturing.
As of March 31, 2026, LEAP India managed 1.47 crore pooled assets and operated through more than 10,100 customer touchpoints across India.
Strong Financial Growth
LEAP India reported strong financial performance in the year ended March 2026. Revenue from operations rose 56.39% to Rs 729.53 crore, compared with Rs 466.47 crore in the previous financial year.
Profit after tax increased 65.99% to Rs 62.34 crore, up from Rs 37.56 crore a year earlier, reflecting higher demand for asset pooling solutions and continued business expansion.
Before the IPO, Vertical Holdings II, a KKR affiliate, held a 73.78% stake in the company, while founder Sunu Mathew owned 21.07%.
LEAP India received SEBI’s final observation for the public issue in December 2024, allowing it to proceed with the listing process. JM Financial, Avendus Capital, IIFL Capital Services, and UBS Securities India are managing the IPO, while MUFG Intime India has been appointed as the registrar.
