Leap India’s initial public offering opens for subscription amid cautious analyst opinions and a modest grey market premium, with the company aiming to raise ₹2,480 crore and expand its asset-pooling footprint globally.
LEAP India’s ₹2,480 crore initial public offering opened for public subscription on August 7 and will close on August 11, after the KKR-backed supply chain solutions company raised ₹743.62 crore from anchor investors at the top of the price band. The anchor allocation covered 4.67 crore shares across 32 institutional investors, according to the company’s IPO filing, with names including Smallcap World Fund, the Monetary Authority of Singapore, Morgan Stanley, Norway’s Government Pension Fund Global, Cassini Partners, Amundi, Citigroup, Societe Generale and Goldman Sachs. Anchor participation is often watched as a sign of early institutional appetite, although it does not guarantee post-listing gains.
The issue is priced in a band of ₹151 to ₹159 a share and combines a fresh issue of ₹480 crore with an offer for sale of ₹2,000 crore. KKR-backed Vertical Holdings II is selling nearly ₹1,999 crore worth of stock, while promoter group entity KIA EBT Scheme 3 is trimming its holding. LEAP India says it is India’s largest technology-enabled asset-pooling company, providing reusable pallets, containers and material handling equipment to customers on a rental basis. As of March 2026, it operated more than 14.7 million pooled assets across over 10,100 customer touchpoints, supported by 29 fulfilment centres and a client list of more than 1,000 companies.
Brokerages are divided on the valuation. SBI Securities has taken a neutral view, saying the company has a strong brand, a wide network and technology-led asset management, but warning that its working-capital-heavy model and 131 receivable days could pressure cash generation. It values the stock at 20.9 times FY26 post-issue earnings and at an enterprise value to EBITDA multiple of 112.4 times. Anand Rathi, by contrast, has recommended subscribing for the long term, arguing that LEAP India should benefit from supply-chain formalisation, wider adoption of asset-pooling models and expansion plans in the Gulf, including wholly owned units in Saudi Arabia and the UAE. The brokerage said the IPO looks expensive on near-term metrics, pointing to a return on equity of 6.19%, but believes the growth case outweighs the valuation concern.
Market observers said LEAP India’s unlisted shares were trading at a grey market premium of about 3.5% over the upper end of the price band on August 6, a modest signal of sentiment rather than a reliable guide to listing performance. The company plans to use about ₹360 crore from the fresh issue to repay debt, with the rest earmarked for general corporate purposes. It expects the lower borrowing load to trim annual interest costs by roughly ₹29 crore to ₹32 crore, according to SBI Securities. The basis of allotment is due on August 12, with shares likely to list on the BSE and NSE on August 14.
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