The LEAP India IPO received a strong response on the third and final day of bidding on Tuesday. The issue was subscribed 8.38 times, with 11.49 crore shares on offer. The retail portion was subscribed 1.71 times, against 5.74 crore shares reserved for retail investors.
The Rs 2,480-crore public offering attracted steady demand, although the grey market premium (GMP) has moderated slightly from earlier levels. The IPO’s GMP is currently around 8%, compared with approximately 10% earlier, based on the upper end of the price band. While the decline indicates some moderation in grey-market sentiment, the premium still signals a broadly positive outlook ahead of the listing.
Backed by global investment firm KKR, LEAP India is a prominent provider of asset-pooling and logistics infrastructure solutions. The IPO consists of a fresh issue of 3.02 crore equity shares aggregating Rs 480 crore and an offer for sale (OFS) of 12.58 crore shares worth approximately Rs 2,000 crore.
The company had fixed the IPO price band at Rs 151 to Rs 159 per share.
Under the OFS, KKR-backed Vertical Holdings II will sell shares worth nearly Rs 1,998.6 crore, while the remaining shares will be offloaded by promoter group entity KIA EBT Scheme 3.
The LEAP India IPO opened for subscription on August 7, 2026, and closes on August 11, 2026. The share allotment is expected to be completed on August 12, while the company's shares are likely to be listed on the NSE and BSE on August 14, 2026.
For retail investors, the minimum lot size is 94 shares. At the upper price band of Rs 159 per share, retail investors were required to invest approximately Rs 14,946 to bid for one lot.
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 to the issue.
LEAP India IPO Subscription Status
At the end of bidding , the LEAP India IPO was subscribed 8.38 times overall, against the 11.49 crore shares on offer.
The Retail Individual Investors (RIIs) category was subscribed 1.71 times, with bids received for the shares reserved for the segment. Meanwhile, the Non-Institutional Investors (NIIs) category was subscribed 12.64 times, with bids received for the 2.46 crore shares allocated to the segment.
Institutional investors showed comparatively stronger demand. The Qualified Institutional Buyers (QIBs) portion was subscribed 16.84 times, with investors placing bids for a substantial portion of the 3.28 crore shares reserved for the category.
LEAP India IPO GMP Today
The grey market continues to signal a positive sentiment towards LEAP India shares ahead of their stock market debut. The latest GMP is around Rs 13 per share, translating into a premium of nearly 8% over the IPO's upper price band of Rs 159.
Based on the prevailing GMP, the estimated listing price is around Rs 172 per share, indicating a potential premium over the issue price.
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 utilise the IPO proceeds primarily to strengthen its financial position and support future expansion. Approximately Rs 360 crore of the net proceeds will be used to repay or prepay 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, optimise asset utilisation, 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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