Leap India Ltd’s initial public offering attracted a 41% subscription by Monday afternoon, with qualified institutional buyers leading the demand. The company aims to raise Rs 2,480 crore through a combination of fresh issue and offer for sale, as retail and non-institutional investors show moderate interest.
LEAP India Ltd’s initial public offering drew a 41% subscription by 2:10 pm on Monday, the second day of bidding, according to exchange data cited by Zee Business. Investors had placed bids for 4,67,11,702 shares against the total issue on offer, with demand strongest from qualified institutional buyers at 0.61 times, while non-institutional and retail investors had each subscribed 0.32 times.
The company is seeking to raise Rs 2,480 crore through the issue, which opened on August 7 and closes on August 11. The offer combines a fresh issue of 3.02 crore shares worth Rs 480 crore with an offer for sale of 12.58 crore shares valued at Rs 2,000 crore. LEAP India has fixed the price band at Rs 151 to Rs 159 a share, and the minimum application size is one lot of 94 shares, which means a retail investor would need Rs 14,946 at the top end of the band.
Founded in 2013, LEAP India operates in supply chain and logistics services, focusing on asset pooling and reusable packaging. The company says it helps clients manage operations through inventory management, transport, maintenance and repair services, with customers across fast-moving consumer goods, food and drink, e-commerce, quick commerce, automobiles, third-party logistics, consumer durables and industrial sectors.
According to the company’s offer papers, the shares are due to list on the NSE and BSE on August 14, with allotment expected on August 12. 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 draft prospectus also noted that LEAP India had completed a pre-IPO placement of 18,32,000 shares at Rs 125 each, and said any such placement would remain capped at 20% of the fresh issue.
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