Leap India’s initial public offering saw subdued demand on its first day, with institutional investors leading the subscription but retail and non-institutional participation remaining weak, reflecting cautious market sentiment amid ongoing regulatory and economic uncertainties.
LEAP India’s initial public offering drew a modest response on its first day, with exchange data showing the issue subscribed 0.26 times by the close of trading on Friday. Qualified institutional buyers led demand, while retail and non-institutional investors had a slower start to the book.
The Mumbai-based supply chain and logistics company is seeking to raise Rs 2,480 crore through a mix of new shares and an offer for sale. According to the company’s offer documents, the fresh issue is worth Rs 480 crore, while the sale component totals Rs 2,000 crore. The issue opened on August 7 and is scheduled to close on August 11, with listing tentatively set for August 14 on the NSE and BSE.
Exchange data showed that qualified institutional buyers bid for 1,99,33,828 shares, leaving that portion subscribed 0.61 times. Non-institutional investors subscribed 0.11 times and retail investors 0.13 times. In total, investors applied for 3,01,37,058 shares against the shares on offer.
The price band has been fixed at Rs 151 to Rs 159 per share, with a minimum application of 94 shares. At the top end of the band, a retail investor would need to spend Rs 14,946 to enter the issue. JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India are the book-running lead managers, while MUFG Intime India is the registrar.
LEAP India, founded in 2013, operates in supply chain and logistics solutions, focusing on asset pooling, reusable packaging, inventory management, transport and repair services. Earlier draft papers filed with the market regulator indicated the company had originally planned to raise Rs 2,400 crore, including Rs 400 crore through the fresh issue and Rs 2,000 crore via the share sale, with proceeds intended mainly for debt reduction and working capital needs.
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