LEAP India
LEAP India Ltd provides sustainable supply chain and asset-pooling solutions, specializing in equipment pooling, returnable packaging, and inventory management. The company operates in the logistics and industrial equipment sector, offering rental and sharing models for pallets and forklifts to reduce corporate ownership costs.
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
+₹17
Est. Listing: ₹176 (+10.8%)
📅 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
+0.1%
predicted listing gain
The GMP baseline is significantly adjusted downward due to extremely poor institutional demand (QIB < 1x) and a heavy OFS structure where 80% of the issue is promoter offloading. While financial growth is strong, the lack of subscription velocity and low ROE suggest a muted listing performance.
💪 Strengths
- Strong revenue growth trajectory
- Impressive EBITDA margin of 50.69%
- Diverse blue-chip customer base (Coca-Cola, Marico)
⚠️ Weaknesses
- Low Return on Equity (ROE) of 6.48%
- Heavy reliance on Offer for Sale (OFS) for issue size
- Lack of listed peers for valuation benchmarking
🚀 Opportunities
- Expansion of the circular economy and asset-pooling model in India
- Growth in e-commerce and quick-commerce logistics demand
🛡️ Threats
- High capital intensity of the business model
- Potential increase in interest rates affecting debt servicing
🎯 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 | Rs 1,467.00 Cr |
| Total Assets (₹ Cr) | Rs 1,400.00 Cr | Rs 2,047.00 Cr | Rs 2,401.00 Cr |
| ROCE % | 8.00% | 7.00% | 8.00% |
Debt/Equity
1.01
📋 Live Subscription Status
QIB
0.64x
NII
0.13x
Retail
0.11x
Total
0.26x
Updated: Aug 8, 2026 8:02 AM
💼 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.
Founded in 2013, LEAP India Ltd has evolved into a key provider of sustainable supply chain solutions. The company focuses on a circular economy model where businesses rent or share essential industrial equipment instead of investing in heavy capital expenditure for ownership. This asset-pooling approach helps clients optimize their logistics and reduce environmental waste.
The company's comprehensive product portfolio includes pallets capable of handling loads up to 5 tons, containers, and a variety of Material Handling Equipment (MHE). Their specialized offerings include Articulated Forklifts and Very Narrow Aisle (VNA) Forklifts, which are critical for high-density warehousing operations.
LEAP India serves a diverse array of high-growth sectors, including Fast-Moving Consumer Goods (FMCG), Food and Beverage (F&B), e-commerce, quick commerce, automotive, and third-party logistics (3PL). Their business model is scalable across these industries due to the universal need for efficient material movement.
The operational scale of the company is evidenced by its partnership with over 1,000 prestigious customers. Notable clients include industry giants such as Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Daikin Airconditioning India Private Limited, and Panasonic Life Solutions India Private Limited.
The company is promoted by Sunu Mathew and Vertical Holdings II Pte. Ltd. Together, they have scaled the business from its inception in 2013 to a significant player in the Indian asset-pooling market, focusing on sustainable industrial infrastructure.
LEAP India is launching a mainboard IPO to raise approximately ₹2,480 crore. The issue is structured with a fresh issue of ₹480 crore and a substantial Offer for Sale (OFS) of approximately 12.57 crore shares. The price band is set between ₹151 to ₹159 per share, with a minimum retail lot size of 94 shares requiring an application amount of ₹14,946. The IPO is scheduled to open on August 7, 2026, and close on August 11, 2026, with listing on the BSE and NSE on August 14, 2026.
The proceeds from the fresh issue are primarily earmarked for the repayment or prepayment of certain borrowings, amounting to ₹360 crore, indicating a focus on deleveraging the balance sheet to improve financial health.
Financially, the company has shown impressive top-line growth. Revenue increased from ₹371.94 crore in 2024 to ₹485.03 crore in 2025, and further surged to ₹747.36 crore in 2026. Similarly, the Profit After Tax (PAT) grew from ₹37.17 crore in 2024 to ₹62.34 crore in 2026, demonstrating a positive trajectory in profitability.
From a valuation perspective, the company reports a basic EPS of ₹1.52 for FY2026. However, there are no listed comparable companies in India or globally to provide a relative P/E benchmark. This lack of peer data makes it difficult for investors to determine if the issue is priced attractively or at a premium.
Key investment strengths include a strong customer base of over 1,000 companies and an EBITDA margin of 50.69%. Conversely, the primary concern is the issue structure; since over 80% of the issue is an OFS, it may be perceived as promoters exiting their positions rather than investing in growth.
Overall, while the company shows strong operational growth and healthy EBITDA margins, the low institutional demand seen in the subscription data and the heavy promoter offloading suggest a cautious approach for short-term listing gains, though it may hold long-term value for strategic investors.