Mumbai-based Leap India launches its ₹2,480 crore IPO, attracting significant anchor participation despite varied brokerage reviews, signalling strong investor interest in the supply-chain firm’s growth prospects.
LEAP India’s initial public offering opened on Thursday, with the Mumbai-based supply-chain and asset-pooling company seeking to raise ₹2,480 crore through a mix of fresh shares and an offer for sale. According to Business Today, the issue comprises a ₹480 crore fresh issue and an offer for sale of up to ₹2,000 crore, with a price band of ₹151 to ₹157 a share and a minimum application size of 94 shares.
Founded in 2013, LEAP India provides equipment pooling, returnable packaging, inventory management, transportation and repair services to clients in e-commerce, fast-moving consumer goods, automotive and consumer durables. The company said it would use proceeds from the fresh issue to reduce debt and for general corporate purposes. Business Today reported that the offering closes on August 11 and that shares are expected to list on BSE and NSE on August 14.
The deal drew strong anchor participation ahead of launch, with Technocraft Ventures raising ₹743.62 crore by allotting 4.67 crore shares at ₹159 each, Business Today said. Its anchor book included Smallcap World Fund, the Monetary Authority of Singapore, Axis Mutual Fund, Motilal Oswal Mutual Fund, Morgan Stanley, Habrok India Master LP, Bank of India Mutual Fund, JM Financial Mutual Fund, Amundi Funds, ITI Mutual Fund and Goldman Sachs, among others.
Brokerage views on the issue were mixed but broadly recognised the company’s market position. Anand Rathi Share & Stock Brokers recommended subscribing for the long term, while Swastika Investmart stayed neutral, citing valuation concerns. BP Equities and Ventura Securities were positive on the business, and SBI Securities took a neutral stance, pointing to strong growth but also working-capital intensity. Business Today said the grey market premium was around ₹18 to ₹20 a share, implying a possible listing gain of 12% to 13%.
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