LEAP
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 16.84×
- Big non-institutionalbNII · above ₹10 lakh
- 13.77×
- Small non-institutionalsNII · ₹2–10 lakh
- 10.22×
- Retail individualRII · up to ₹2 lakh
- 1.60×
- Employeesreserved quota
- 10.78×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Aug 2026 | ₹13 | +8.18% | ₹900 | ₹172 | ₹1,222 |
| 13 Aug 2026 | ₹13 | +8.18% | ₹900 | ₹172 | ₹1,222 |
| 12 Aug 2026 | ₹12.5 | +7.86% | ₹900 | ₹171.5 | ₹1,175 |
| 11 Aug 2026 | ₹13 | +8.18% | ₹900 | ₹172 | ₹1,222 |
| 10 Aug 2026 | ₹13 | +8.18% | ₹900 | ₹172 | ₹1,222 |
| 09 Aug 2026 | ₹16 | +10.06% | ₹1,100 | ₹175 | ₹1,504 |
| 08 Aug 2026 | ₹16 | +10.06% | ₹1,100 | ₹175 | ₹1,504 |
| 07 Aug 2026 | ₹15 | +9.43% | ₹1,100 | ₹174 | ₹1,410 |
| 06 Aug 2026 | ₹19.5 | +12.26% | ₹1,400 | ₹178.5 | ₹1,833 |
| 05 Aug 2026 | ₹3 | +1.89% | ₹200 | ₹162 | ₹282 |
| 04 Aug 2026 | ₹3 | +1.89% | ₹200 | ₹162 | ₹282 |
| 03 Aug 2026 | ₹4 | +2.52% | ₹300 | ₹163 | ₹376 |
| 02 Aug 2026 | ₹8 | 0.00% | ₹0 | ₹8 | ₹752 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Aug 2026 – 11 Aug 2026
- Listing date
- 14 Aug 2026
- Face value
- ₹1 per share
- Price band
- ₹151 – ₹159
- Lot size
- 94 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹2,480 Cr
- Fresh issue
- ₹480 Cr 3,01,88,678 shares
- Offer for sale
- ₹2,000 Cr 12,57,86,162 shares
- Market cap at offer price
- ₹7,005 Cr
- Promoter holding
- 90.04% → 55.64% pre-issue → post-issue
- ISIN
- INE00GO01025
- CIN
- U74900MH2013PLC245166
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400 063, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 3,28,31,138 | 28.57% | 28.55% |
| Anchor investor · within QIB | 4,67,68,854 | — | 40.67% |
| NII (HNI) | 2,46,23,345 | 21.43% | 21.41% |
| bNII > ₹10L · within NII | 1,64,15,564 | — | 14.28% |
| sNII < ₹10L · within NII | 82,07,781 | — | 7.14% |
| Retail (RII) | 5,74,54,471 | 50.00% | 49.96% |
| Employee | 82,781 | — | 0.07% |
| Market maker | 0 | — | 0.00% |
| Total issue | 11,49,91,735 | — | 100.00% |
Net offer to the public of 11,49,08,954 shares, out of a total issue of 11,49,91,735. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 94 shares per lot, in multiples, at ₹159
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 94 | ₹14,946 |
| Retail (max) | 13 | 1,222 | ₹1,94,298 |
| S-HNI (min) | 14 | 1,316 | ₹2,09,244 |
| S-HNI (max) | 66 | 6,204 | ₹9,86,436 |
| B-HNI (min) | 67 | 6,298 | ₹10,01,382 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹159 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.52 | 1.42 |
| P/E (×) | 104.61 | 111.97 |
| Price to book (×) | 6.48 | — |
| Market cap | — | ₹7,005 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 6.19%
- ROCE
- 8.00%
- Debt / equity
- 1.01
- PAT margin
- 8.34%
- EBITDA margin
- 50.69%
- NAV per share
- ₹24.52
- Price to book
- 6.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 747.36 | 485.03 | 371.94 |
| Revenue from operations | 729.53 | 466.47 | 364.97 |
| Other income | 17.82 | 18.56 | 6.97 |
| Total expenses | 666.5 | 432.97 | 325.24 |
| Operating profit | 80.86 | 52.06 | 46.7 |
| Operating margin | 10.82% | 10.73% | 12.56% |
| Profit before tax | 80.85 | 52.06 | 46.71 |
| Profit after tax | 62.34 | 37.56 | 37.17 |
| PAT margin | 8.34% | 7.74% | 9.99% |
| Balance sheet | |||
| Total assets | 2,401.05 | 2,042.46 | 1,400.28 |
| Current assets | 531.13 | 437.03 | 288.77 |
| Current liabilities | 462.46 | 326.16 | 213.07 |
| Total liabilities | 1,394.71 | 1,125.11 | 686.1 |
| Net worth | 1,006.33 | 917.35 | 714.18 |
| Current ratio | 1.15× | 1.34× | 1.36× |
| Return on equity | 6.19% | 4.09% | 5.20% |
| Cash flow | |||
| Operating cash flow | 268.27 | 255.02 | 149.11 |
| Investing cash flow | -360.12 | -1,294.88 | -338.74 |
| Financing cash flow | 71.6 | 1,021.36 | 188.92 |
| Net cash flow | -20.25 | -18.5 | -0.72 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment / prepayment, in full or in part, of certain borrowings availed by the Company ₹360 Cr
The company proposes to utilize the Net Proceeds towards repayment/prepayment of certain borrowings availed from banks and financial institutions. This will help reduce outstanding indebtedness and debt servicing costs and enable utilization of internal accruals for further investment towards business growth and expansion.
2 General corporate purposes —
The company proposes to utilize the Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding of growth opportunities, strategic initiatives, insurance, repair and maintenance, payment of taxes, duties and meeting expenses incurred in the ordinary course of business.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Vertical Holdings II Pte. Ltd. | Promoter Selling Shareholder | not yet stated | ₹70.93 |
| KIA EBT Scheme 3 (acting through its trustee, Catalyst Trusteeship Limited) | Promoter Group Selling Shareholder | not yet stated | ₹52.48 |
About LEAP
LEAP India Limited operates in the asset pooling-as-a-service industry, providing pallets, standardized containers, and material handling equipment (MHE) such as forklifts and pallet trucks to customers on a pooling basis. The company earns revenue through two primary models: Static Hire, where customers hire assets for use at specific locations, and Movement Hire, where assets are used for transporting goods across supply chains. The company was incorporated in 2013 as LEAP India Private Limited and converted to a public limited company in 2025. It has grown significantly, with revenue from operations increasing from ₹3,649.71 million in FY2024 to ₹7,295.33 million in FY2026, representing a 56.39% year-on-year growth in FY2026. The company operates with a fleet of pallets and containers that move throughout customer supply chains, and it has integrated acquisitions including CHEP India and Skan Marine Services. The company holds approximately 90% market share in pallet pooling in India according to industry research.
Management
Sunu Mathew
CEO
Hardik Bhadrik Shah
Director
Vaibhav Vaidya
Director
Harinarayanan Nair Sreedharan
Director
Strengths
As stated in the offer document
Industry with multi-decadal and rapid growth story
The company operates in a rapidly growing industry where palletization adoption in India is at 9.4% penetration with only 10 million pooled pallets out of 106 million total pallets, compared to 89% in North America and 91% in EU.
Largest on-demand supply chain asset pooling company
The company is the largest on-demand asset pooling provider in India's supply chain management sector with 14.70 million assets, spanning 10,100 customer touchpoints and 29 fulfilment centres as of March 31, 2026.
Trusted supply chain partner with focus on quality and sustainability
The company provides asset-light pooling solutions using 100% FSC certified SPF timber, enabling customers to avoid upfront procurement costs while ensuring standardized, high-quality assets with comprehensive testing protocols and IIP certification.
Highly resilient business model with blue-chip customer base
The company serves over 1,000 customers across diversified high-growth sectors including FMCG, F&B, 3PL, e-commerce, automotive and industrials with contracts ranging 1-5 years and built-in price escalations for margin protection.
Efficient asset management capabilities led by technology
The company was the first in India to introduce passive RFID-tagged containers and operates IoT-enabled MHE fleet with MyLEAP platform providing real-time asset tracking and comprehensive digital solutions for customers.
Strong financial performance with rapid growth
The company achieved revenue growth from ₹3,649.71 million in Fiscal 2024 to ₹7,295.33 million in Fiscal 2026, maintaining EBITDA margins of 50.69% and Cash PAT margins of 35.68% in Fiscal 2026.
Founder-led company with experienced management team
The company is led by Mr. Sunu Mathew with over 26 years of experience and supported by management team averaging 27 years of industry experience, backed by reputed investors including KKR-affiliated entities.
High growth potential through increasing penetration strategies
The company plans three-pronged growth strategy: expansion within existing industries, penetration in new industries like textiles and pharmaceuticals, and expansion across supply value chain with dedicated team of 579 professionals for market education.
Risk factors
As stated in the offer document
Rapid Business Growth Sustainability Risk
The company has experienced significant growth with year-on-year revenue growth increasing from 27.81% in Fiscal 2025 to 56.39% in Fiscal 2026. However, there is no assurance that the company will be able to sustain this growth rate or maintain profitability at the same level in the future.
Heavy Dependence on Pallet Pooling Business
A majority of the company's revenue is derived from pallets, contributing 62.17%, 67.90% and 72.23% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on the pallet pooling business would significantly affect the company's overall business performance and profitability.
Supplier Concentration and Dependency Risk
The company is dependent on suppliers and service providers, with top ten suppliers contributing 63.27%, 60.00% and 77.00% of total purchases in Fiscals 2026, 2025 and 2024, respectively. Any loss of key suppliers or interruptions in supply could adversely impact business operations and financial condition.
Key Personnel Dependency and High Attrition
The company faces high attrition rates across key personnel categories, with MHE operators experiencing 56.00% attrition in Fiscal 2026 and KMPs experiencing 33.00% attrition. The company's success depends heavily on retaining experienced professionals and skilled employees, particularly MHE operators who are critical to operations.
Asset Loss and Control Risk
The company's business model relies on continuous ownership and management of pooling equipment throughout the supply chain. Asset loss is an inherent risk, with impairment losses of ₹28.30 million, ₹52.39 million, and ₹53.52 million in Fiscals 2026, 2025, and 2024 respectively, which could undermine the business model if losses exceed acceptable thresholds.
Customer Concentration and Contract Renewal Risk
The company derives significant revenue from top customers, with top 10 customers contributing 26.65%, 34.18%, and 39.49% of total revenue in Fiscals 2026, 2025, and 2024 respectively. The company's success depends on long-term contractual agreements and ability to renew customer relationships, with potential adverse impact if key customers terminate or reduce services.
Technology Infrastructure Dependency
The company is heavily reliant on technology infrastructure for operations, including billing activities and customer integration systems. Any disruption, failure, or cyberattack on IT systems could materially affect growth prospects, reputation, and business operations, as evidenced by past incidents including power supply shutdowns and security breaches.
Counterparty Credit Risk
The company is exposed to counterparty credit risk with trade receivables representing 35.96%, 42.69%, and 39.35% of revenue from operations in Fiscals 2026, 2025, and 2024 respectively. Any significant delay in customer payments or defaults could reduce profits and adversely affect cash flows.
Raw Material Price Volatility
The company is exposed to volatility in supply and pricing of raw materials such as timber and plastic used in manufacturing assets. External factors like geopolitical conflicts (Iran-US/Israel conflict) and supply chain disruptions have previously led to increased procurement costs, which may not always be passed on to customers.
High Financial Leverage and Covenant Risk
The company had total outstanding borrowings of ₹10,177.25 million as of March 31, 2026, with financing arrangements containing restrictive covenants. Any non-compliance may lead to accelerated repayment schedules, enforcement of security, and suspension of further drawdowns, limiting business flexibility and expansion plans.
Company Analysis
from DRHPLEAP India Limited is an asset pooling-as-a-service company that provides pallets, containers, and material handling equipment through a pooling model to manufacturers, distributors, retailers, and logistics providers across India.
LEAP India Limited operates in the asset pooling-as-a-service industry, providing pallets, standardized containers, and material handling equipment (MHE) such as forklifts and pallet trucks to customers on a pooling basis. The company earns revenue through two primary models: Static Hire, where customers hire assets for use at specific locations, and Movement Hire, where assets are used for transporting goods across supply chains. The company was incorporated in 2013 as LEAP India Private Limited and converted to a public limited company in 2025. It has grown significantly, with revenue from operations increasing from ₹3,649.71 million in FY2024 to ₹7,295.33 million in FY2026, representing a 56.39% year-on-year growth in FY2026. The company operates with a fleet of pallets and containers that move throughout customer supply chains, and it has integrated acquisitions including CHEP India and Skan Marine Services. The company holds approximately 90% market share in pallet pooling in India according to industry research.
Objects of the Issue
- Repayment / prepayment of certain borrowings To be specified in the Prospectus p.116
- General corporate purposes To be specified in the Prospectus p.116
Issue Structure
- Total Issue
- Up to ₹24,800.00 million
- Fresh Issue
- Up to ₹4,800.00 million
- Offer for Sale
- Up to ₹20,000.00 million (consisting of ₹19,986.23 million by Vertical Holdings II Pte. Ltd. and ₹13.77 million by KIA EBT Scheme 3)
- Price Band
- [●] per equity share (to be determined through book building)
- Lot Size
- [●] equity shares (minimum bid lot to be advertised)
- Face Value
- ₹1 each
Business Model
LEAP India earns revenue through asset pooling services where customers hire pallets, containers, and material handling equipment on a recurring basis. Revenue is generated from: (1) Static Hire pooling model where assets are hired for specific locations; (2) Movement Hire pooling model where assets are transported across supply chains; (3) MHE (Material Handling Equipment) pooling; and (4) ancillary services including one-way sales and scrap sales. For FY2026, pallets contributed 62.17% of revenue (₹4,535.73 million), while other segments including containers and MHE contributed 37.83% (₹2,759.60 million).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sunu Mathew | Individual Promoter | 21.07% | [●]% |
| Vertical Holdings II Pte. Ltd. | Corporate Promoter | 73.78% | [●]% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.