LEAP India IPO: Price Band Set for ₹2,480 Crore Issue

LEAP India, backed by KKR, has set its Initial Public Offering (IPO) price band at ₹151 to ₹159 per share. The offering aims to raise up to ₹2,480 crore and will open for subscription on August 7, closing August 11.

The anchor book for the IPO is scheduled to open on August 6. This follows SEBI approval received in December of the previous year for the logistics solutions firm.

IPO Structure Breakdown

The fresh issue size has been increased to ₹480 crore, up from the ₹400 crore initially proposed in its DRHP.

The remaining ₹2,000 crore of the IPO will be an Offer for Sale (OFS).

Vertical Holdings II Pte. Ltd., a KKR-backed promoter entity, will sell shares worth ₹1,998.6 crore.

Another KKR-backed entity, KIA EBT Scheme 3, plans to offload shares valued at approximately ₹13.8 crore.

Established in 2013, LEAP India provides pallet pooling, container pooling, and material-handling solutions. Their client base spans FMCG, pharmaceutical, and e-commerce sectors.

Financials and Shareholding

For the fiscal year ending March 2026, operating revenue grew 57% year-on-year to ₹730 crore from ₹466 crore in FY25.

Company profits also increased over 70% to ₹63 crore in the same period.

Proceeds from the fresh issue are earmarked for specific uses. ₹360 crore will go towards repaying certain borrowings, with remaining funds allocated for general corporate purposes.

KKR-backed Vertical Holdings II Pte. Ltd. holds the largest stake at 73.78%.

Founder Sunu Mathew holds 21.07%.

Other shareholders include Sixth Sense Ventures at 1.41%, First Bridge Fund at 1.21%, and Madhurima International Pvt. Ltd. at 1%.

JM Financial, Avendus Capital, IIFL Capital, and UBS Securities are serving as book-running lead managers for the issue. MUFG Intime India is the registrar.