LEAP India files DRHP with Sebi for Rs 2,400 crore IPO

On-demand supply chain asset pooling firm LEAP India has filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi), seeking approval to launch its Initial Public Offering (IPO). The company plans to raise Rs 2,400 crore through the issue.

About LEAP India IPO

The offer, with a face value of Rs 1, will be a mix of fresh issue of shares up to Rs 400 crore and an offer for sale (OFS) up to Rs 2,000 crore.

Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3 are the selling shareholders in the issue.

The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

The Mumbai-based company could consider a pre-IPO placement aggregating up to 20% of the fresh issue size in consultation with the book-running lead managers. The size of fresh issue will be reduced if the pre-IPO placement is completed.

The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers (QIBs), up to 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

LEAP India IPO proceeds

The proceeds from its fresh issuance worth Rs 300 crore will be utilised for prepayment of all or a certain borrowings of the company and the remainder will be utilised for working capital requirements.

About LEAP India

Incorporated in 2013, the company utilises its ‘share and reuse’ business model, referred to as pooling, and is the largest on-demand asset pooling provider in India’s supply chain management sector (based on the number of pooled assets), according to the F&S Report.

The company has 13.57 million assets as of May 31, 2025 along with a pan-India network of 7,747 customer touchpoints and 30 fulfilment centres. These centres facilitate the storage, maintenance, repair, and rapid deployment of its assets to its customers. According to the F&S Report, the company is the only player in India currently operating at a considerable scale and at a national level in the pallet pooling segment.

The company’s service offerings encompass technology-enabled supply chain solutions that suit customer requirements across industries.

LEAP India financials

The company’s total income stood at Rs 485 crore during fiscal 2025 versus Rs 258 crore during fiscal 2023. The company benefited from increased revenue from asset pooling – pallets and containers. Its net profit stood at Rs 37.5 crore during fiscal 2025 versus Rs 9 crore during fiscal 2023.

The company boasts of over 900 customers as on 31 March 2025 which include Panasonic Life Solutions India Private Ltd, Marico Ltd, Haier Appliances Private Ltd, Hindustan Coca Cola Beverages Private Ltd., Daikin and Daimler India Commercial Vehicles, among others.

Lead managers for LEAP India IPO

JM Financial Limited, IIFL Capital Services Limited, UBS Securities India Private Ltd and Avendus Capital Private Limited, are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.

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