LEAP India's Rs 2,480 crore IPO opens for subscription. Check GMP, price band, issue details

LEAP India launched its Rs 2,480 crore Initial Public Offering (IPO) today, August 7, 2026, offering investors an opportunity to subscribe to the issue. Ahead of the launch, LEAP India shares are trading at a grey market premium (GMP) of around 12% over the upper end of the IPO price band, indicating strong sentiment among market participants.

Backed by global investment firm KKR, LEAP India is a leading asset-pooling and logistics infrastructure solutions provider. The company has fixed the IPO price band at Rs 151–159 per share.

The public issue includes a fresh issue of 3.02 crore equity shares worth Rs 480 crore and an offer for sale (OFS) of 12.58 crore shares valued at approximately Rs 2,000 crore.


Under the OFS segment, KKR-backed Vertical Holdings II will sell shares worth nearly Rs 1,998.6 crore, while the remaining stake will be offloaded by promoter group entity KIA EBT Scheme 3.

The IPO will open on August 7, 2026, and remain open for subscription until August 11, 2026.

The share allotment is expected to be completed on August 12, 2026, with the company’s shares likely to debut on the NSE and BSE on August 14, 2026.

The minimum bid quantity has been set at 94 shares per lot. Retail investors applying at the upper price band of Rs 159 per share will require a minimum investment of approximately Rs 14,946.

JM Financial Ltd. is serving as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar for the issue.

Should you subscribe?

According to Anand Rathi Research, LEAP India is valued at 113.6x FY26 earnings, 21.8x EV/EBITDA and 6.9x Price-to-Book at the upper end of the price band, translating into a post-issue market capitalisation of around Rs 7,004.5 crore.

The brokerage believes the company is well-positioned to benefit from the growing adoption of asset-pooling solutions, increasing formalisation of supply chains and its international expansion strategy. However, it also notes that the IPO is aggressively priced, particularly given the company's 6.19% Return on Equity (ROE).

Despite the premium valuation, Anand Rathi has assigned the issue a "Subscribe – Long Term" rating, suggesting the IPO may be suitable for investors with a longer investment horizon rather than those seeking short-term gains.

Leap India raises Rs 743.6 crore from anchor investors

Leap India has raised Rs 743.6 crore from anchor investors ahead of its public issue, attracting participation from 32 marquee investors on August 6. The company allotted 46.77 million equity shares to these anchor investors at the issue price of Rs 159 per share.

How LEAP India plans to use IPO proceeds

The company plans to utilize the IPO proceeds primarily to strengthen its financial position and support future expansion.

Out of the net proceeds, approximately Rs 360 crore will be used towards repayment or prepayment of certain outstanding borrowings. The remaining funds will be allocated towards general corporate purposes, enabling LEAP India to enhance operational capabilities and pursue strategic growth opportunities.

About LEAP India

Founded in 2013, LEAP India Ltd. operates in the sustainable supply chain and logistics infrastructure space, providing asset-pooling and reusable packaging solutions to businesses across multiple industries.

The company provides a comprehensive suite of services, including equipment pooling, returnable packaging solutions, inventory management, transportation services, and repair and maintenance support. These offerings enable businesses to improve supply chain efficiency, optimize asset utilization, and streamline logistics operations.

Its solutions cater to sectors such as FMCG, food and beverage, third-party logistics (3PL), e-commerce, quick commerce, automotive, consumer durables, and industrial segments.

Global investment firm KKR acquired a majority stake in LEAP India in 2023 as part of its Asia infrastructure investment strategy, supporting the company’s expansion plans.

LEAP India has built a strong customer network of more than 1,000 clients as of March 31, 2026, including leading companies such as Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Toll (India) Logistics Private Limited, Daikin Airconditioning India Private Limited, and Panasonic Life Solutions India Private Limited.

The company also integrates ESG principles into its operations by focusing on responsible sourcing, sustainable product design, and solutions aimed at reducing supply chain waste. As of March 31, 2026, LEAP India had 419 permanent employees and 2,062 material handling equipment (MHE) operators supporting its operations.

LEAP India Financial Performance

LEAP India reported strong financial growth in FY2026, driven by increasing demand for sustainable supply chain and logistics solutions. For the financial year ended March 31, 2026, the company’s total income rose to Rs 747.36 crore from Rs 485.03 crore in FY2025, registering a 54% year-on-year increase.

The company also witnessed a significant improvement in profitability, with Profit After Tax (PAT) climbing to Rs 62.34 crore in FY2026, compared with Rs 37.56 crore in the previous financial year. This represents a 66% year-on-year growth.

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