Summary: LEAP India IPO opens on August 7, 2026, at a price band of ₹151–₹159 per share. The ₹2,480 crore bookbuilding issue combines a ₹480 crore fresh issue with a ₹2,000 crore offer for sale, closes on August 11, and lists tentatively on August 14 on BSE and NSE.
Introduction
LEAP India, a KKR-backed supply chain and asset-pooling company, runs a "share and reuse" pooling model across pallets, containers, and material handling equipment, with customers in FMCG, e-commerce, automotive, and industrial sectors. Growth through FY26 has been strong, and this listing marks the company's first move into public markets since KKR took a majority stake in 2023.
LEAP India IPO: Key highlights
| Detail | Information |
| Price band | ₹151 to ₹159 per share |
| Face value | ₹1 per share |
| Lot size | 94 shares |
| Minimum investment (retail) | ₹14,946 |
| Anchor bidding | August 6, 2026 |
| Issue size | ₹2,480 crore |
| Fresh issue | ₹480 crore |
| Offer for sale | ₹2,000 crore |
| Listing at | BSE, NSE |
| Lead managers | JM Financial, Avendus Capital, IIFL Capital Services, UBS Securities India |
| Registrar | MUFG Intime India |
LEAP India IPO dates & timeline
| Event | Date |
| IPO opens | Friday, August 7, 2026 |
| IPO closes | Tuesday, August 11, 2026 |
| Basis of allotment | Wednesday, August 12, 2026 |
| Refund initiation | Thursday, August 13, 2026 |
| Credit of shares to demat | Thursday, August 13, 2026 |
| Listing date | Friday, August 14, 2026 |
Four days of bidding, then a quick turnaround into allotment and listing. That is fairly standard for a mainboard issue this size.
LEAP India IPO price band, lot size & minimum investment
Shares carry a face value of ₹1 and are priced in the ₹151–₹159 band. Retail investors and employees applying within their limits can bid at the cut-off price; small and big HNI categories cannot.
| Application | Lots | Shares | Amount |
| Retail (min) | 1 | 94 | ₹14,946 |
| Retail (max) | 13 | 1,222 | ₹1,94,298 |
| Small HNI (min) | 14 | 1,316 | ₹2,09,244 |
| Small HNI (max) | 66 | 6,204 | ₹9,86,436 |
| Big HNI (min) | 67 | 6,298 | ₹10,01,382 |
LEAP India IPO issue size & offer structure
The total issue size comes to roughly 15.6 crore shares, aggregating up to ₹2,480 crore at the top of the band.
| Component | Shares | Amount |
| Total issue size | 15,59,74,842 | ₹2,480 crore |
| Fresh issue | 3,01,88,679 | ₹480 crore |
| Offer for sale | 12,57,86,163 | ₹2,000 crore |
Nearly all of the OFS comes from Vertical Holdings II Pte Ltd, a promoter entity, offloading shares worth close to ₹1,998.62 crore. A much smaller portion, ₹1.38 crore, comes from KIA EBT Scheme 3. Promoters and the promoter group currently hold 95.42% of the company, a stake that will dilute once public shares are allotted.
Objectives of the IPO
Only the fresh issue proceeds, ₹480 crore, actually reach the company. The OFS money bypasses the business entirely and goes straight to the selling shareholders. Of the fresh issue, ₹360 crore is earmarked for repaying or prepaying existing borrowings, a meaningful dent given the current debt load. The rest goes toward general corporate purposes, the standard bucket most issuers keep for working capital and day-to-day operational needs.
About LEAP India Limited
Incorporated in 2013, LEAP India specialises in sustainable supply chain and asset-pooling solutions. Its services span equipment pooling, returnable packaging, inventory management, transportation, and repair and maintenance, serving customers across e-commerce, FMCG, automotive, and consumer durables. The core offering runs on a "share and reuse" model: durable, recyclable wooden pallets rated for up to five tonnes of load capacity, along with containers and other material handling equipment that customers rent instead of buying outright.
KKR picked up a majority stake in the company in 2023, aligning the investment with its broader Asia infrastructure strategy. Total assets have climbed from ₹1,400.28 crore in FY24 to ₹2,401.05 crore in FY26 over that period. The company positions itself around scale in India's asset-pooling space, with a customer base spread across several consumer and industrial sectors.
Financial performance
LEAP India's numbers have moved up steadily over the past three fiscal years.
| Metric | FY24 | FY25 | FY26 |
| Total income | ₹371.94 Cr | ₹485.03 Cr | ₹747.36 Cr |
| Profit after tax | ₹37.17 Cr | ₹37.56 Cr | ₹62.34 Cr |
| EBITDA | ₹209.92 Cr | ₹273.80 Cr | ₹378.83 Cr |
| Net worth | ₹714.18 Cr | ₹917.35 Cr | ₹1,006.33 Cr |
| Total borrowings | ₹513.07 Cr | ₹801.66 Cr | ₹1,017.73 Cr |
| Key ratio (FY26) | Value |
| EBITDA margin | 50.69% |
| PAT margin | 8.34% |
| ROE | 6.48% |
| ROCE | 19.06% |
| RoNW | 6.19% |
| Debt/equity | 1.01 |
| Post-issue P/E | 111.97x |
| Post-issue EPS | ₹1.42 |
Income and profit both jumped in FY26. Return ratios like ROE and RoNW stayed fairly modest, though, and that gap against a post-issue P/E north of 111 times is the number to sit with before deciding how much of the growth is already priced in.
Strengths of LEAP India
- Strong FY26 growth, with total income up 54% and profit after tax up 66% over the previous year.
- Healthy EBITDA margins of 50.69%, a function of how recurring a pooling-based business tends to be.
- ROCE of 19.06%, a decent return on capital deployed even with ROE and RoNW running lower.
- A diversified service base across pallets, containers, and material handling equipment, spanning FMCG, e-commerce, automotive, and industrial customers.
- Continued backing from KKR since 2023, which brought capital and a clearer strategic direction.
Risks investors should know
- The post-issue P/E of 111.97x is steep. There is little room for error if growth slows.
- ROE and RoNW, at 6.48% and 6.19%, are modest set against the valuation being asked.
- Total borrowings have grown to ₹1,017.73 crore in FY26, and the ₹360 crore planned repayment only partially addresses that.
- The offer for sale makes up the larger share of the issue, so most proceeds go to existing shareholders rather than the business.
- Debt-to-equity at 1.01 is worth factoring in alongside the company's ongoing capital needs as it scales.
Should you track the LEAP India IPO?
Recurring revenue from reused pooled assets tends to hold up better than one-off sales, and FY26 numbers back that with real growth in both income and profit. KKR's continued involvement since 2023 adds a layer of institutional confidence.
The valuation is the harder part to get past. A post-issue P/E above 111x, against ROE and RoNW both under 7%, means paying a real premium for what the business currently returns on its own capital. The OFS-heavy structure also means this listing is more about existing shareholders cashing in than about funding fresh growth. Where that lands for you depends on how much conviction you have in the growth rate holding up.
Latest LEAP India IPO subscription updates
- Bidding has not opened yet; subscription numbers begin once the public issue window starts on August 7.
- QIB is capped at 50% of the net offer, while retail is guaranteed at least 35%. Both are worth watching once the book opens.
- Anchor allocation, a day ahead of the main issue on August 6, gives the first read on institutional interest.
- Category-wise figures update through the four-day bidding window, August 7 to August 11.
Conclusion
LEAP India brings a well-capitalised, KKR-backed pooling business to market at ₹151–₹159 a share, with bidding running August 7 to 11 and listing set for August 14. FY26 growth was strong on both revenue and profit, but the steep post-issue valuation and modest return ratios deserve a closer look before deciding where this fits in a portfolio. The bidding days ahead, and the listing itself, will show how the market ends up pricing that trade-off.
