Ahead of its listing, the IPO commanded strong interest in the grey market, with the grey market premium (GMP) indicating a premium of around 8.8%.
The LEAP India IPO received a strong response from investors, with the issue subscribed 8.38 times at the close of bidding on August 11. The retail portion was subscribed 1.71 times, while the qualified institutional buyers (QIBs) portion was subscribed 16.84 times. The non-institutional investors (NIIs) portion was subscribed 12.64 times.
The ₹2,480 crore IPO was open for public subscription from August 7 to August 11.
Ahead of the issue opening, LEAP India 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.
The company had fixed the IPO price band at ₹151-₹159 per share. Investors could bid for a minimum of 94 shares, requiring an investment of ₹14,946 at the upper end of the price band.
IPO details
The IPO comprised 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 sold shares worth nearly ₹1,999 crore, while promoter group entity KIA EBT Scheme 3 offloaded 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 with an investment of ₹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.
LEAP India plans to use around ₹360 crore from the fresh issue proceeds 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 more than 14.7 million pooled assets across over 10,100 customer touchpoints, supported by 29 fulfilment centres and a customer base of more than 1,000 companies.
The company commands about 90% of India’s pallet-pooling market, with its pallet business contributing 62.2% of FY26 revenue.
LEAP India reported a 66% year-on-year increase in net profit to ₹62.3 crore in FY26, while revenue rose 56.4% to ₹730 crore.
