Leap India’s initial public offering is rapidly approaching full subscription, driven by strong demand from non-institutional investors and anchor placements, setting the stage for a potential listing on the BSE and NSE.
LEAP India’s ₹2,480-crore initial public offering moved closer to full subscription on its final day, reaching 1.95 times cover by 1.33 pm on August 11, according to The Hindu BusinessLine and Moneycontrol. Demand was led by non-institutional investors, whose portion was subscribed 3.41 times, while qualified institutional buyers took their allocation 2.67 times. The retail segment remained the softest at 0.91 times, although the employee quota drew the strongest interest overall at 6.06 times.
The KKR-backed logistics company had also secured ₹743.62 crore from anchor investors, including Smallcap World Fund and the Monetary Authority of Singapore. Its issue consists of a fresh sale of shares worth up to ₹480 crore and an offer for sale of up to ₹2,000 crore, with a price band of ₹151 to ₹159 a share. Proceeds from the new shares are earmarked for debt repayment or prepayment and working capital, and at the top end of the price range the company would be valued at about ₹7,005 crore after listing. LEAP India previously raised about ₹371.3 crore in a pre-IPO placement on August 3 and 4. Swastika Investmart said the company is well placed to benefit from India’s still underpenetrated pallet pooling market, though it warned that the valuation leaves the risk-reward looking less attractive. The shares are set to list on the BSE and NSE. The Hindu BusinessLine and Moneycontrol reported the figures.
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