Leap India’s initial public offering opens with a Rs 2,480 crore raise, backed by KKR, reflecting robust early demand despite demanding valuations, as the logistics firm signals its growth ambitions amid a dynamic market environment.
LEAP India’s initial public offering opened on August 7 with the logistics infrastructure company seeking to raise Rs 2,480 crore in a deal that has drawn attention for both its scale and its valuation. The issue, backed by KKR, comes to market with a price band of Rs 151 to Rs 159 a share and a grey market premium of about 12% above the top end, suggesting healthy early demand among investors.
The public issue combines a fresh sale of 3.02 crore shares worth Rs 480 crore with an offer for sale of 12.58 crore shares valued at about Rs 2,000 crore. Under the secondary portion, Vertical Holdings II, the KKR-backed shareholder, will sell nearly Rs 1,998.6 crore of stock, while a smaller stake will be sold by KIA EBT Scheme 3. The issue closes on August 11, with allotment due on August 12 and a planned market debut on the NSE and BSE on August 14. Retail applicants must bid for at least 94 shares, which means a minimum outlay of roughly Rs 14,946 at the upper price band.
Before the opening, the company raised Rs 743.6 crore from anchor investors on August 6, allotting 46.77 million shares to 32 investors at Rs 159 each. JM Financial is the book-running lead manager and MUFG Intime India is the registrar. According to Anand Rathi Research, the IPO is valued at 113.6 times FY26 earnings and 21.8 times EV/EBITDA at the top of the band, with a post-issue market capitalisation of about Rs 7,004.5 crore. The brokerage said the valuation looks demanding, especially against a 6.19% return on equity, but still assigned a “Subscribe – Long Term” view.
LEAP India, founded in 2013, works in asset pooling and reusable packaging, serving industries from fast-moving consumer goods and food and beverage to e-commerce, automotive and industrials. The company says it had more than 1,000 customers as of March 31, 2026, including Hindustan Coca-Cola Beverages, Marico, Toll India Logistics, Daikin Airconditioning India and Panasonic Life Solutions India. It also reported 419 permanent employees and 2,062 material handling equipment operators at the end of March 2026. Revenue rose to Rs 747.36 crore in FY26 from Rs 485.03 crore a year earlier, while profit after tax increased to Rs 62.34 crore from Rs 37.56 crore. LEAP India plans to use about Rs 360 crore of the IPO proceeds to repay borrowings, with the rest earmarked for general corporate purposes and expansion.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
