LEAP India
LEAP India is a professionally managed company operating in a specialized sector with significant scaling capabilities. The company focuses on driving operational efficiency and revenue growth, as evidenced by its recent financial trajectory.
Price Band
₹159 - ₹159
Lot Size
94 Shares
Issue Size
₹2,480.00 Cr
Fresh Issue
₹480.00 Cr
OFS
₹2,000.00 Cr
Registrar
AI Sentiment Score
Current GMP
+₹4
Est. Listing: ₹163 (+2.5%)
📅 IPO Timeline
1
Open
Aug 7
2
Close
Aug 11
3
Allotment
Aug 12
4
Refund
Aug 13
5
Demat
Aug 13
6
Listing
Aug 14
✨ AI Analysis & Prediction
+1.1%
predicted listing gain
The baseline GMP is extremely low (2.52%), and the listing outlook is further dampened by a heavy Offer for Sale (OFS) component (80.6%) and mediocre ROE (6.48%). While revenue growth is strong, the lack of listed peers for valuation benchmarking and a Debt-to-Equity ratio of 1.01 create a risk-adjusted downward pressure on the listing price.
💪 Strengths
- Strong revenue growth trajectory
- Very high EBITDA margin of 50.69%
⚠️ Weaknesses
- Low Return on Equity (ROE) of 6.48%
- High OFS component indicating promoter exit
🚀 Opportunities
- Use of proceeds to reduce debt and improve financial health
- Potential for further scaling in the absence of direct competitors
🛡️ Threats
- Lack of listed peers makes valuation subjective
- Moderate Debt-to-Equity ratio of 1.01
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment / prepayment, in full or in part, of certain borrowings availed by the Company | ₹360.00 |
| Purposes | ₹2,120.00 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 365.00 Cr | Rs 466.00 Cr | Rs 730.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 37.00 Cr | Rs 38.00 Cr | Rs 62.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 203.00 Cr | Rs 255.00 Cr | Rs 361.00 Cr |
| Borrowings (₹ Cr) | Rs 761.00 Cr | Rs 1,228.00 Cr | NA |
| Total Assets (₹ Cr) | Rs 1,400.00 Cr | Rs 2,042.00 Cr | NA |
| ROCE % | 8.00% | 7.00% | NA |
Debt/Equity
1.01
📋 Live Subscription Status
QIB
0.00x
NII
0.00x
Retail
0.00x
Total
0.00x
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
LEAP India has demonstrated aggressive growth in its operational scale, moving from a revenue of ₹371.94 crores in 2024 to ₹747.36 crores by 2026. This trajectory suggests a business model capable of rapid scaling and market penetration within its specific industry vertical.
The company's business model is characterized by strong top-line expansion, with revenue increasing by approximately 53% between 2025 and 2026. This growth is complemented by a steady increase in profitability, with PAT rising from ₹37.56 crores to ₹62.34 crores in the same period.
Operational efficiency is highlighted by an EBITDA margin of 50.69%, indicating a strong ability to manage direct costs relative to its revenue streams. This high margin provides a cushion for the company to navigate market volatility and invest in future growth.
The promoter group, led by Sunu Mathew and Vertical Holdings II Pte. Ltd., maintains a significant stake in the company, ensuring alignment between management and ownership. The company's assets have grown consistently, reaching ₹2,401.05 crores by 2026.
Strategically, the company is positioned to leverage its growing balance sheet to further consolidate its market position. The focus remains on maintaining the momentum of its revenue growth while optimizing its debt profile.
LEAP India is launching a Mainboard IPO to raise approximately ₹2,480 crores. The issue is structured as a combination of a fresh issue of ₹480 crores and a substantial Offer for Sale (OFS) of 12,57,86,163 equity shares. The price band is set between ₹151 and ₹159 per share, with a minimum lot size of 94 shares costing ₹14,946. The IPO is open from August 7, 2026, to August 11, 2026, with listing on the BSE and NSE scheduled for August 14, 2026.
The proceeds from the fresh issue are primarily earmarked for the repayment or prepayment of certain borrowings amounting to ₹360 crores, indicating a strategic move to deleverage the balance sheet and reduce interest costs.
Financial performance has been robust, with revenue jumping from ₹485.03 crores in 2025 to ₹747.36 crores in 2026. Net Profit (PAT) also saw a healthy climb from ₹37.56 crores to ₹62.34 crores, showing a positive trend in bottom-line growth.
From a valuation perspective, the company reports an EPS of ₹1.52 and a Net Asset Value (NAV) of ₹24.52. A significant challenge for investors is the lack of listed comparable companies in India or globally, making it difficult to establish a relative P/E benchmark.
Key strengths include strong revenue growth and high EBITDA margins. However, risks include the high proportion of OFS (over 80% of the issue), which may be perceived as promoter offloading, and a relatively low ROE of 6.48%.
Overall, the IPO presents a growth-oriented story but requires a cautious approach due to the valuation vacuum and the structural nature of the issue. Investors should weigh the strong growth against the low ROE and heavy OFS component.