Minerva Capital Research Solutions

LEAP India

RHP
ListedListed 14 Aug 2026MainboardNSE: LEAPINDCheck allotment
Current price₹ 121.91−23.33% since issue
Listing day+4.34%
Issue price
₹ 159
Issue size
₹ 2,480 Cr.
Min. investment
₹ 14,946
Listing price
₹ 165.9
Subscribed
8.38x
Lot size
94 shares
P/E
111.97
RoNW
6.19%
RoCE
19.06%
Debt / Equity
1.01
PAT margin
8.34%
EBITDA margin
50.69%
RoE
6.48%
EPS
₹ 1.42
NAV
₹ 24.52
Promoter stake
60.61%

About

LEAP India Limited was started in 2013. It is the largest on-demand supply chain asset pooling company in India. The company does not sell its equipment. It rents out reusable assets on a pay-per-use basis. Customers pay only for what they use. They do not have to buy the equipment or spend money on its repair and storage. The company gives on rent wooden pallets that can carry loads up to 5 tonnes, foldable and stackable plastic containers, and material handling equipment such as forklifts, articulated forklifts and very narrow aisle (VNA) forklifts. Along with this, it also provides returnable packaging, inventory management, transport, and repair and maintenance services. LEAP India works with companies in FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive, industrial and consumer durable sectors. As on 31 March 2026, it had more than 1,000 customers. Some of the well-known names are Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India and Panasonic Life Solutions India. On the same date, the company had 419 permanent employees and 2,062 MHE operators. Pallets are the main business. They gave 62.17% of the revenue from operations in FY2026. The company holds about 90% share of the pallet pooling market in India. Global investment firm KKR bought a majority stake in the company in 2023 through Vertical Holdings II Pte. Ltd. It is now a promoter along with founder Sunu Mathew.

Timeline

  1. Opens
    7 Aug
    done
  2. Closes
    11 Aug
    done
  3. Allotment
    12 Aug
    done
  4. Refunds
    13 Aug
    done
  5. Demat credit
    13 Aug
    done
  6. Listing
    14 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 19.5 on 6 Aug 2026
Lowest
₹ 3 on 4 Aug 2026
First quoted
₹ 4 on 3 Aug 2026

Subscription

How many times each investor group bid for its share, as of 14 Aug 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)194₹ 14,946
Retail (Max)131,222₹ 1,94,298
S-HNI (Min)141,316₹ 2,09,244
B-HNI (Min)676,298₹ 10,01,382

Company overview

Financials

Financials by year
Assets2,401.052,042.461,400.28
Total Income747.36485.03371.94
Profit After Tax62.3437.5637.17
EBITDA378.83273.8209.92
NET Worth1,006.33917.35714.18
Reserves and Surplus678.78606.09521.84
Total Borrowing1,017.73801.66513.07

Strengths

  • Pallet use in India is still very low. Only about 15% of goods movement here uses pallets, against more than 90% in North America and Europe. So there is a long runway for growth.
  • It is the largest on-demand asset pooling company in India, with about 90% share of the pallet pooling market. It is not easy for new players to enter this business.
  • It is a trusted supply chain partner. The company focuses on quality and sustainability, and keeps changing its offering as customer needs change.
  • The pay-per-use model gives steady income. The company has more than 1,000 blue-chip customers in fast growing sectors like FMCG, food and beverage, 3PL and quick commerce.
  • It is backed by global investment firm KKR, which is a promoter along with founder Sunu Mathew.

Risks

  • The issue is priced very high. At the upper band of Rs 159, the post-issue P/E works out to about 112 times the FY2026 earnings of Rs 1.42 per share. There is very little room for any disappointment.
  • Returns are low for such a high price. ROE was 6.48% and RoNW was 6.19% in FY2026, even though the EBITDA margin was a healthy 50.69%.
  • The business needs a lot of money. Total borrowings went up from Rs 513.07 crore in FY2024 to Rs 1,017.73 crore in FY2026. Debt to equity is 1.01. Only Rs 360 crore of the fresh issue will be used to repay loans.
  • Out of the total issue of Rs 2,480 crore, Rs 2,000 crore is offer for sale. The company will get only Rs 480 crore. KKR is the main seller and promoter holding will come down from about 95.73% to 60.61%.
  • The company depends heavily on one product. Pallets gave 62.17% of the revenue from operations in FY2026. Any problem in the pallet business will hit the company hard.
  • Supplier concentration is high. The top ten suppliers and service providers made up 63.27% of total purchases in FY2026. Prices of timber and plastic can also go up and down.
  • Income comes from long-term contracts. If big customers do not renew them, or if payments are delayed, cash flow will be affected.
  • Growth has been very fast. Revenue went up 54% and profit went up 66% in FY2026. Such high growth may not continue every year.

What the money is for

Objects of the issue
Repayment / prepayment, in full or in part, of certain borrowings availed by the Company360
General Corporate Purposes—

Promoters

  • Sunu Mathew
  • Vertical Holdings II Pte. Ltd
Promoter holding95.73%→60.61%before → after the issue · down 35.12 points

Anchor investors

32 anchors put in ₹ 743.64 Cr., including 15 mutual funds.

Anchor investors
SMALLCAP WORLD FUND,INC.1,00,62,136159.9921.51%
MONETARY AUTHORITY OF SINGAPORE34,58,35454.997.39%
AXIS FLEXI CAP FUND47,16,16874.9910.08%
MOTILAL OSWAL CONSUMPTION FUND9,43,290152.02%
MOTILAL OSWAL LARGE CAP FUND22,01,292354.71%
MORGAN STANLEY INDIA INVESTMENT FUND,INC.12,91,84220.542.76%
GREATER INDIA PORTFOLIO8,84,72814.071.89%
MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND8,04,54612.791.72%
GOVERNMENT PENSION FUND GLOBAL29,80,27047.396.37%
HABROK INDIA MASTER LP12,31,21219.582.63%
CASSINI PARTNERS, L.P.7,80,57612.411.67%
PRUDENTIAL ASSURANCE CO.LTD.,THE20,11,78831.994.3%
BANK OF INDIA FLEXI CAP FUND16,34,28425.993.49%
BANK OF INDIA MULTI CAP FUND6,28,954101.34%
JM FINANCIAL MUTUAL FUND11,32,042182.42%
JM SMALL CAP FUND3,14,43050.67%
JM LARGE & MIDCAP FUND2,51,54440.54%
JM MIDCAP FUND3,77,31660.81%
JM AGGRESSIVE HYBRID FUND1,88,75230.4%
ITI MULTI CAP FUND5,65,97491.21%
ITI SMALL CAP FUND11,32,136182.42%
ITI FLEXI CAP FUND5,65,97491.21%
LIONTRUST INVESTMENT FUNDS I-LIONTRUST INDIA FUND3,14,52450.67%
AMUNDI FUNDS NEW SILK ROAD20,11,78831.994.3%
GROWW MULTICAP FUND6,28,4849.991.34%
GROWW SMALL CAP FUND3,14,24250.67%
ADITYA BIRLA SUN LIFE INSURANCE CO.LTD.31,40,54049.936.72%
GOLDMAN SACHS INVESTMENTS (MAURITIUS) I LTD.3,14,52450.67%
ALPHAMINE ABSOLUTE RETURN FUND3,14,52450.67%
CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD.3,14,52450.67%
SOCIETE GENERALE-ODI9,43,572152.02%
BNP PARIBAS FINANCIAL MARKETS3,14,52450.67%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
MUFG Intime India Private Limited
Lead managers
JM Financial Ltd., Avendus Capital, IIFL Capital Services Limited, Ubs Securities India Private Limited
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.