LEAP India Ltd garners ₹744 crore from 32 anchor investors as it prepares to launch its ₹2,480 crore IPO, signalling strong institutional support and confidence in the supply chain asset pooling company.
LEAP India Ltd drew strong institutional support ahead of its initial public offering, with the supply chain asset pooling company raising ₹743.62 crore from 32 anchor investors on Thursday, according to a circular on the BSE. The shares were allotted at ₹159 each, with participation from global names including Smallcap World Fund, the Monetary Authority of Singapore, Norway’s Government Pension Fund Global, Morgan Stanley India Investment Fund, Amundi Funds New Silk Road, Goldman Sachs Investments (Mauritius), Citigroup Global Markets Mauritius and Societe Generale.
The anchor placement gives the IPO an early vote of confidence as LEAP India prepares to open its ₹2,480 crore issue on August 7 and close it on August 11. The price band has been fixed at ₹151 to ₹159 a share. At the top end, the company would be valued at about ₹7,005 crore after the issue, according to the offer documents.
The IPO combines a fresh issue of up to ₹480 crore with an offer for sale worth up to ₹2,000 crore. LEAP India said the fresh proceeds will go mainly towards repaying or prepaying borrowings, with the rest intended for working capital. The issue structure reserves 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail buyers.
The company had already raised about ₹371.3 crore in a pre-IPO placement on August 3 and 4, with Gamnat Pte Ltd, a unit of Singapore sovereign wealth fund GIC, and Dymon Asia Multi-Strategy Investment among the investors. JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India are the book-running lead managers, while MUFG Intime India is the registrar. The shares are scheduled to list on the BSE and NSE on or about August 14.
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