Highlights
LEAP India Limited IPO: Logistics Solutions Firm Takes a Significant Step
LEAP India Limited has launched its application for a red herring prospectus (RHP) with SEBI for a huge Rs 2,480 crore initial public offering (IPO), set to commence on August 7. This IPO will be open for subscriptions from August 7 until August 11, with the anchor book scheduled to open on August 6. The company has established a price range of Rs 151 to Rs 159 per share.
IPO Details and Updates
Approval from the Securities and Exchange Board of India (SEBI) was granted to LEAP India for its IPO launch in December of the preceding year. As outlined in its RHP, the new issue size has been raised to Rs 480 crore, up from the Rs 400 crore that was initially proposed in the draft red herring prospectus (DRHP) filed back in August the previous year. The remaining portion, Rs 2,000 crore of the IPO, will consist of an offer for sale (OFS).
Offer for Sale and Key Stakeholders
The OFS will be predominantly headed by Vertical Holdings II Pte. Ltd., which is a promoter entity with backing from KKR. They intend to sell shares valued at Rs 1,998.6 crore. Additionally, another promoter group entity supported by KKR, KIA EBT Scheme 3, plans to offload shares estimated at Rs 13.8 crore.
Company Overview
Established in 2013, LEAP India offers services such as pallet pooling, container pooling, and various material-handling solutions across multiple sectors. The company has a broad client base that includes leading players in FMCG, pharmaceuticals, and e-commerce.
Financial Management
The book-running lead managers for this IPO include reputable firms like JM Financial, Avendus Capital, IIFL Capital, and UBS Securities, while MUFG Intime India serves as the registrar. From the proceeds generated from the fresh issue, Rs 360 crore is earmarked for repaying certain borrowings, while the remainder will be directed towards general corporate purposes.
As of the date the RHP was filed, the largest shareholder is KKR-backed Vertical Holdings II Pte. Ltd. with a significant 73.78% stake. Founder Sunu Mathew follows, holding 21.07%. Other stakeholders include Sixth Sense Ventures, First Bridge Fund, and Madhurima International Pvt. Ltd., which possess 1.41%, 1.21%, and 1%, respectively.
Financial Performance
For the fiscal year ending March 2026, LEAP India reported a remarkable 57% year-on-year increase in its operating revenue, rising to Rs 730 crore from Rs 466 crore in FY25. During the same timeframe, profits also soared by over 70% to reach Rs 63 crore.