Ahead of the issue opening, LEAP India has raised ₹743.62 crore from anchor investors on August 7. The company allotted 4.67 crore equity shares to 32 anchor investors at the upper end of the price band.
The anchor book attracted several marquee global investors, including Smallcap World Fund, the Monetary Authority of Singapore, Morgan Stanley, Norway’s Government Pension Fund Global, Cassini Partners, Amundi, Citigroup, Societe Generale and Goldman Sachs.
Should you apply?
Brokerages remain divided on the issue. While SBI Securities has assigned a ‘Neutral’ rating, Anand Rathi has recommended subscribing to the IPO from a long-term perspective.
SBI Securities: Neutral
SBI Securities said LEAP India is India’s largest asset-pooling company with a strong brand, nationwide service network and technology-enabled asset management capabilities.
It added that acquisitions such as SKAN Marine, CHEP India and TARON have strengthened the company’s leadership in India’s supply-chain asset pooling market by expanding its asset base, customer network and material handling capabilities.
The brokerage said that LEAP India’s revenue, EBITDA and net profit grew at a CAGR of 41.4%, 33.4% and 29.5%, respectively, between FY24 and FY26.
At the upper end of the price band, SBI Securities values the company at 20.9x FY26 post-issue earnings and an EV/EBITDA multiple of 112.4x, reflecting its asset-heavy business model.
It expects the company to save ₹29-32 crore annually in interest costs after utilising the IPO proceeds to reduce debt.
However, the brokerage flagged concerns over LEAP India’s working capital-intensive business model, with receivable days standing at 131, which could weigh on cash flow conversion.
As a result, it has maintained a Neutral rating and prefers to track the company’s performance for a few quarters after listing.
Anand Rathi: Subscribe for long term
Anand Rathi said LEAP India is well-positioned to benefit from the increasing adoption of asset-pooling solutions, the formalisation of supply chains and its planned international expansion.
The brokerage highlighted that the company serves more than 1,000 customers across sectors including FMCG, food and beverages, logistics, e-commerce, automotive and industrials.
It is also expanding into the GCC through wholly owned subsidiaries in Saudi Arabia and the UAE.
At the upper end of the price band, Anand Rathi values the company at a P/E multiple of 113.6x FY26 earnings, EV/EBITDA of 21.8x and a price-to-book value of 6.9x, implying a post-issue market capitalisation of about ₹7,005 crore.
While it acknowledged that the IPO appears aggressively priced given the company’s return on equity (ROE) of 6.19%, Anand Rathi believes the long-term growth opportunity outweighs valuation concerns and has assigned a ‘Subscribe – Long Term’ rating.
GMP and price band
The company has fixed a price band of ₹151-159 per share. Investors can bid for a minimum of 94 shares, requiring an investment of ₹14,946 at the upper end of the price band.
According to market observers, LEAP India’s unlisted shares were trading at a grey market premium (GMP) of around 3.5% over the upper end of the price band on the morning of August 6.
While the GMP indicates unofficial market sentiment, it does not guarantee listing gains.
IPO details
The IPO comprises a fresh issue of equity shares worth ₹480 crore and an offer for sale (OFS) of ₹2,000 crore, taking the total issue size to ₹2,480 crore.
Under the OFS, KKR-backed Vertical Holdings II will sell shares worth nearly ₹1,999 crore, while promoter group entity KIA EBT Scheme 3 will offload the remaining stake.
Ahead of the IPO, LEAP India raised ₹371.3 crore in a pre-IPO placement from Singapore sovereign wealth fund GIC’s subsidiary Gamnat Pte Ltd, Dymon Asia Multi-Strategy Investment (Singapore), and promoter Sunu Mathew.
The company allotted 2.33 crore equity shares at ₹159 apiece in the pre-IPO round. Gamnat Pte Ltd emerged as the largest investor, investing ₹280 crore, followed by Dymon Asia with ₹50 crore. Matyas Possessiones Private Limited, in which promoter Sunu Mathew owns a 99% stake, invested ₹23 crore.
The company plans to use around ₹360 crore from the fresh issue to repay or prepay outstanding borrowings, with the balance earmarked for general corporate purposes.
About the company
LEAP India is India’s largest technology-enabled asset-pooling company, providing reusable pallets, containers and material handling equipment (MHE) to businesses under rental and pooling arrangements.
The company manages the complete asset lifecycle, including procurement, deployment, digital tracking, retrieval, maintenance and redeployment.
As of March 2026, LEAP India operated over 14.7 million pooled assets across more than 10,100 customer touchpoints, supported by 29 fulfilment centres and a customer base of over 1,000 companies. The company commands about a 90% share of India’s pallet-pooling market, with the pallet business contributing 62.2% of FY26 revenue.
LEAP India reported a 66% jump in net profit to ₹62.3 crore in FY26, while revenue rose 56.4% to ₹730 crore.
JM Financial is the book-running lead manager to the issue, while MUFG Intime India is the registrar.
The basis of allotment is expected to be finalised on August 12, with the shares likely to list on the BSE and NSE on August 14.
