LEAP India IPO Lists Today: Oversubscribed 8.38x, ₹12.5 GMP

LEAP India’s Initial Public Offering (IPO) is set to list today, August 14, 2026, on both the BSE and NSE. The offering saw significant investor interest, oversubscribed 8.38 times overall.

Retail investors subscribed 1.71 times against their allocated shares. The Grey Market Premium (GMP) for LEAP India shares stands at ₹12.5, indicating an approximate 8% premium over its issue price of ₹159.

Market Debut & Premium

• Overall IPO subscription: 8.38 times
• Retail investor subscription: 1.71 times
• Today’s Grey Market Premium (GMP): ₹12.5
• Approximate premium over issue price of ₹159: 8%
• GMP trend over 12 sessions: Ranged from ₹3 to ₹19.5

According to Investorgain, the GMP has shown an upward trend over the past 12 sessions. This suggests positive market expectations for the company’s public debut.

Expert Take: Hold or Sell?

Mahesh M. Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities Pvt. Ltd., advises short-term investors to consider booking profits for an expected 8-10% listing gain. However, he suggests holding for medium to long-term investors.

Ojha highlights LEAP India’s strong structural growth prospects. The company holds an estimated 90% share of India’s pallet pooling market, positioning it as a market leader in asset pooling.

• FY24–FY26 Revenue CAGR: 41.4%
• FY24–FY26 EBITDA CAGR: 33.3%
• FY24–FY26 PAT CAGR: 29.5%

Tushar Badjate, Director of Badjate Stocks and Shares, also notes LEAP India’s strong business model and leadership in an underpenetrated market. He views it as an interesting long-term opportunity, despite concerns over valuation.

Badjate pointed out that at the IPO price of ₹159, the company was valued at roughly 110x FY26 earnings.

IPO Structure & Utilisation

The IPO included a fresh issue of 3.02 crore equity shares, raising ₹480 crore. An Offer For Sale (OFS) of 12.58 crore shares amounted to approximately ₹2,000 crore.

• Fresh issue: 3.02 crore equity shares (₹480 crore)
• Offer For Sale (OFS): 12.58 crore shares (approx. ₹2,000 crore)
• KKR-backed Vertical Holdings II offloading: approx. ₹1,998.6 crore under OFS
• Debt repayment from IPO proceeds: ₹360 crore

LEAP India plans to use the IPO proceeds to strengthen its balance sheet. Approximately ₹360 crore is allocated for debt repayment, with the remainder supporting general corporate purposes.

JM Financial Ltd. served as the book-running lead manager, and MUFG Intime India Pvt. Ltd. was the registrar. Established in 2013, LEAP India Ltd. specializes in sustainable supply chain and logistics infrastructure, offering asset-pooling and reusable packaging solutions across diverse industries.