LEAP India IPO: ₹2,480 Cr for Debt & Growth

LEAP India is launching an Initial Public Offering to raise ₹480 crore through a fresh issuance for debt repayment, alongside an additional ₹2,000 crore via an offer for sale. This transaction will see the promoter group’s stake decrease from 95.4% to 60.4% post-IPO.

Financial Performance Overview

The company demonstrated significant revenue growth, with operations increasing by 41.4% year-on-year between FY24 and FY26, reaching ₹729.5 crore. Net profit also rose by 29.5% year-on-year, totaling ₹62.3 crore.

Operating profit before interest, tax, depreciation, and amortization (EBITDA) grew by 34.3% to ₹378.8 crore during the same period. For FY26 specifically, revenue surged by 56.4%, EBITDA by 38.4%, and net profit by 66% year-on-year.

Strategic Expansion and Model

Founded in 2013, LEAP India operates on a “share and reuse” business model. It provides equipment pooling, returnable packaging, inventory management, transportation, and maintenance services across diverse sectors.

A key strategic development was the acquisition of CHEP India in January 2025. This move substantially enhanced its asset-pooling network and container-pooling portfolio, establishing LEAP India as the largest on-demand asset-pooling provider in India.

Debt and Valuation Outlook

Despite strong revenue growth, the company’s EBITDA margin slightly decreased from 56.4% in FY24 to 50.7% in FY26. Furthermore, net debt more than doubled, increasing from ₹551.4 crore in FY24 to ₹1,143.8 crore in FY26.

The IPO valuation is currently considered high, a reflection of the company’s future growth potential, particularly with the integration of CHEP’s capabilities. This offering is positioned for investors with a high-risk appetite seeking long-term investment opportunities.