LEAP India Limited IPO — the disclosed details
Closed
The publicly disclosed details of LEAP India's Rs 2,480 crore mainboard IPO, restated from the Red Herring Prospectus dated August 1, 2026: dates, issue structure, objects, risk factors and financials as filed.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
This page restates the publicly disclosed details of the LEAP India Limited IPO — what the Red Herring Prospectus dated August 1, 2026 says, and nothing more. Where the RHP leaves a figure blank, this page says so rather than filling the gap. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What institutional desks read first — the filed ratios
Everything below is restated from the “Basis for Offer Price” section (printed pages 126–132) of LEAP India Limited’s Red Herring Prospectus dated August 1, 2026 — these are the company’s own filed disclosures, not a valuation, and no view is offered on them.
| Ratio, as filed | Value |
|---|---|
| Basic EPS (₹), adjusted for changes in capital, face value ₹1 | FY2026: 1.52 (weight 3) · FY2025: 1.00 (weight 2) · FY2024: 1.04 (weight 1) · Weighted average: 1.27 |
| Diluted EPS (₹), adjusted for changes in capital | FY2026: 1.50 (weight 3) · FY2025: 0.99 (weight 2) · FY2024: 1.03 (weight 1) · Weighted average: 1.25 |
| P/E at the Floor Price (number of times) | [●] — left blank in the RHP, to be computed after finalization of the Price Band or at the Price Band advertisement stage; the Price Band itself is ₹[●] to ₹[●] in the filed document |
| P/E at the Cap Price (number of times) | [●] — same placeholder and footnote as the floor-price row |
| Industry peer group P/E | Not printed — the RHP states it identified no listed comparable companies in India or globally in terms of its business and scale of operations, and that “no suitable industry peers are available” |
| Return on Net Worth (RoNW) | Fiscal 2026: 6.19% (weight 3) · Fiscal 2025: 4.09% (weight 2) · Fiscal 2024: 5.21% (weight 1) · Weighted average: 5.33% |
| NAV per Equity Share (₹) | As at March 31, 2026: 24.52 · March 31, 2025: 24.35 · March 31, 2024: 20.03 · After completion of the Offer, at Floor/Cap/Offer Price: [●] — to be computed after Price Band finalization, with the Offer Price figure to be updated at the Prospectus stage |
| KPI, as filed | Value |
|---|---|
| Total Assets (units: Volume, million — a count of pooled assets, not ₹) | Fiscal 2026: 14.70 · Fiscal 2025: 13.30 · Fiscal 2024: 7.92 |
| Total Income (₹ million) | Fiscal 2026: 7,473.55 · Fiscal 2025: 4,850.31 · Fiscal 2024: 3,719.44 |
| Net profit for the year, PAT (₹ million) | Fiscal 2026: 623.41 · Fiscal 2025: 375.58 · Fiscal 2024: 371.74 |
| EBITDA (₹ million) | Fiscal 2026: 3,788.29 · Fiscal 2025: 2,737.97 · Fiscal 2024: 2,099.18 |
| EBITDA Margin (%) | Fiscal 2026: 50.69% · Fiscal 2025: 56.45% · Fiscal 2024: 56.44% |
| Debt to Equity (times) | Fiscal 2026: 1.01 · Fiscal 2025: 0.87 · Fiscal 2024: 0.72 |
The RHP does not state EV/EBITDA or price-to-revenue anywhere in this section, leaves P/E at the floor and cap and post-Offer NAV as its own [●] placeholders pending Price Band finalization, and prints no peer-comparison table at all (its stated position is that no listed comparable companies exist in India or globally for its business and scale) — and nothing here is computed by this site.
What the company does
LEAP India Limited (CIN: U74900MH2013PLC245166) rents out supply chain assets — pallets, containers and material handling equipment — rather than selling them. The RHP calls this a “share and reuse” business model, referred to as pooling. According to a Frost & Sullivan report exclusively commissioned and paid for by the company for this offer, LEAP India is the largest on-demand asset pooling provider in India’s supply chain management sector by number of pooled assets.
As of March 31, 2026, the company had 14.70 million assets, a pan-India network of over 10,100 customer touchpoints, 29 fulfilment centres, and partnerships with more than 1,000 customers. It was incorporated as LEAP India Private Limited on July 3, 2013. Its registered office is in Goregaon (East), Mumbai. The promoters are Sunu Mathew and Vertical Holdings II Pte. Ltd.
What the money is for
The offer totals up to Rs 24,800.00 million (Rs 2,480 crore). Of that, up to Rs 4,800.00 million is a fresh issue of new shares of face value Re 1 each — money that goes to the company — and up to Rs 20,000.00 million is an offer for sale: existing shareholders selling their shares. The RHP states the company will not receive any proceeds from the offer for sale; that money goes to the selling shareholders.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Repayment or prepayment, in full or in part, of certain borrowings — estimated deployment in Fiscal 2027 | Rs 3,600.00 million from the net proceeds |
| General corporate purposes | To be finalised at pricing; shall not, in aggregate, exceed 25% of the gross proceeds (gross proceeds of the fresh issue: Rs 4,800.00 million) |
As on June 30, 2026, the company’s aggregate outstanding borrowings on a consolidated basis were Rs 10,232.00 million.
The OFS split, per the RHP cover: Vertical Holdings II Pte. Ltd. (promoter selling shareholder) up to Rs 19,986.23 million, and KIA EBT Scheme 3, acting through its trustee Catalyst Trusteeship Limited (promoter group selling shareholder), up to Rs 13.77 million. The offer also includes a reservation for eligible employees aggregating up to Rs 12.50 million.
What the RHP flags as risks
These are from the company’s own risk-factor section in the RHP, paraphrased, not a third-party assessment.
- Growth sustainability. Year-on-year revenue growth increased from 27.81% in Fiscal 2025 to 56.39% in Fiscal 2026. The RHP states there can be no assurance the growth strategy will continue to be successful, and that historical growth rates and profitability may not be indicative of future growth and profitability.
- Pallet concentration. Pallets contributed 62.17%, 67.90% and 72.23% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively. Any adverse impact on the pallet-pooling business would adversely affect results.
- Supplier dependence. The top ten suppliers and service providers contributed 63.27%, 60.00% and 77.00% of total purchases in Fiscals 2026, 2025 and 2024 respectively.
- Pooling asset loss. Loss of pooling assets, and inadequate controls and processes on the pooling equipment, may result in additional costs and adversely affect financial performance.
- Raw-material volatility. Operations are exposed to volatility in the supply and pricing of raw materials such as timber and plastic used in its assets, and separately to volatility in the supply and pricing of pallets required for the pallet pooling business.
- Contract renewal. The company typically enters into long-term, recurring contracts with customers. Non-renewal of customer agreements is identified as a risk to revenue.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Up to Rs 24,800.00 million (Rs 2,480 crore) |
| Fresh issue | Up to Rs 4,800.00 million |
| Offer for sale | Up to Rs 20,000.00 million |
| Face value | Re 1 per share |
| Price band | Rs 151 – Rs 159 per share, as reported |
| Lot size | 94 shares per bid lot, as reported |
| Minimum investment | Rs 14,194 at the floor (94 × Rs 151); Rs 14,946 at the cap (94 × Rs 159) |
One honest caveat on sourcing: the RHP itself leaves the price band and lot size blank — the band is to be decided with the book-running lead managers and advertised in all editions of Financial Express, all editions of Jansatta and the Mumbai edition of Navshakti at least two working days before the offer opens. That newspaper advertisement was not available on a fetchable primary host when this page was written, so both figures are taken from news and IPO-tracker reports (Outlook Money; IPO Watch — both linked below) rather than from the filed document itself, and are marked “as reported” for that reason. The minimum investment is arithmetic from those reported figures, not a number printed in the RHP. What the RHP does state: retail individual bidders are those bidding for an amount not more than Rs 2,00,000.
Financials, from the restated consolidated financial information in the RHP (fiscal years ended March 31; figures in Rs million):
| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | |
|---|---|---|---|
| Revenue from operations | 3,649.71 | 4,664.72 | 7,295.33 |
| Total income | 3,719.44 | 4,850.31 | 7,473.55 |
| Net profit for the year | 371.74 | 375.58 | 623.41 |
Who can actually sell on listing day
On listing day, most of LEAP India’s share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
The RHP (printed pages 104–106) sets out four locked buckets:
| Who | Locked for, per this RHP |
|---|---|
| Minimum promoter contribution — 20% of the fully diluted post-Offer capital. The exact share count is left as [●] until the Prospectus | Three years from Allotment |
| Promoter holding above that 20% | One year from Allotment |
| All other pre-IPO shares | Six months from Allotment |
| Anchor allotments | 50% for 90 days, remaining 50% for 30 days from Allotment |
The count at the Rs 159 cap:
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 30,188,679 | 6.85% |
| Offer for Sale | 125,786,163 | 28.55% |
| Total offer | 155,974,842 | 35.41% |
| Less: anchor allotment, locked 30/90 days | −46,768,854 | −10.62% |
| = Sellable on listing day | 109,205,988 | 24.79% |
| Locked or not offered — the rest of the register | 331,330,471 | 75.21% |
| Post-issue capital | 440,536,459 | 100.00% |
The anchor book is done — allotted at Rs 159 to 32 investors on 6 August 2026, per the allocation list filed with the exchanges — so the count needs no range. The six-month bucket exempts shares sold in the Offer for Sale, certain AIF/VCF/FVCI holdings already held six months from acquisition, and shares held by employees under the ESOP schemes; the RHP does not size those exemptions, so part of the locked block above may be free of the six-month lock. All lock-in clocks run from the date of Allotment, which the RHP’s timetable puts on or about 12 August 2026.
These figures come from the RHP’s capital-structure disclosures and the anchor allocation list filed with the exchanges, as of 12 August 2026.
Dates and mechanics
This is a mainboard offer, made pursuant to Regulation 6(1) of the SEBI ICDR Regulations. The shares are proposed to be listed on BSE and NSE; NSE is the designated stock exchange.
| Event | Date |
|---|---|
| Anchor investor bid date | Thursday, August 6, 2026 |
| Bid/offer opens | Friday, August 7, 2026 |
| Bid/offer closes | Tuesday, August 11, 2026 |
| Finalisation of basis of allotment | On or about Wednesday, August 12, 2026 |
| Credit of shares to demat accounts | On or about Thursday, August 13, 2026 |
| Commencement of trading | On or about Friday, August 14, 2026 |
The RHP states the UPI mandate end time is 5:00 p.m. on the closing date, and that this timetable is indicative.
Book-running lead managers: JM Financial Limited; Avendus Capital Private Limited; IIFL Capital Services Limited (formerly IIFL Securities Limited); UBS Securities India Private Limited.
Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited) — contact person: Shanti Gopalakrishnan; email leapindia.ipo@in.mpms.mufg.com; telephone +91 810 811 4949.
Information as of 10 Aug 2026, with the anchor and float figures updated 12 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus dated August 1, 2026 — LEAP India Limited (company-hosted PDF, 474 pages; downloaded and text-extracted in full this session) →
- Identical RHP copy hosted by BRLM JM Financial (474 pages, same document; downloaded and cover page verified this session) →
- LEAP India IPO Disclosures hub (company website) →
- LEAP India Red Herring Prospectus page (company website) →
- LEAP India Material Documents page (company website) →
- IPO Watch — LEAP India issue page (secondary source, used only for the price band and lot size; the RHP leaves both blank and the price-band advertisement was not fetchable from a primary host) →
- Outlook Money, August 2026 — news report of the ₹151–159 price band and 94-share lot (secondary source) →
- Anchor Investor allocation letter to BSE & NSE, 6 Aug 2026 (company filing, mirrored on chittorgarh.net) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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