LEAP India Limited IPO Overview
Incorporated in 2013 and headquartered at Goregaon (East), Mumbai, LEAP India Limited operates a “share and reuse” asset pooling model in India’s supply chain management sector. The company hires out pallets, containers, and material handling equipment (MHE) to large enterprises across industries — enabling customers to rent critical logistics assets rather than own them, thereby reducing capital expenditure and improving supply chain efficiency.
According to the Frost & Sullivan report, LEAP India is India’s largest on-demand supply chain asset pooling provider, managing 14.7 million revenue-generating assets across 10,100 customer touchpoints as of 31 March 2026, making it the market leader in India’s pallet pooling industry. Its technology-enabled solutions help customers improve warehouse efficiency, reduce logistics costs, and optimise inventory movement.
The total issue size of the LEAP India IPO is ₹2,480 crore, comprising a fresh issue worth ₹480 crore and an Offer for Sale worth ₹2,000 crore. The price band is set at ₹151 to ₹159 per share. The IPO opens on 7 August 2026 and closes on 11 August 2026, with listing expected on 14 August 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 6 August 2026 |
| IPO Open Date | 7 August 2026 |
| IPO Close Date | 11 August 2026 |
| Allotment Date | 12 August 2026 (Expected) |
| Refund & Demat Credit | 13 August 2026 |
| Listing Date | 14 August 2026 (Tentative) |
| Price Band | ₹151 – ₹159 per share |
| Face Value | ₹1 per share |
| Lot Size | 94 shares |
| Minimum Investment (Retail) | ₹14,946 (1 lot = 94 shares) |
| Maximum Investment (Retail) | ₹1,94,298 (13 lots = 1,222 shares) |
| Issue Size | ₹2,480 crore |
| Fresh Issue | ₹480 crore |
| Offer For Sale (OFS) | ₹2,000 crore (12,57,86,163 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS component of ₹2,000 crore is being offered by the promoter and selling shareholders. The company is promoted by Sunu Mathew and Vertical Holdings II Pte. Ltd., which is affiliated with funds managed or advised by KKR. The company itself will only receive proceeds from the ₹480 crore fresh issue portion.
Objects of the Issue (Fund Utilization)
LEAP India proposes to use ₹360 crore towards repayment or prepayment of certain borrowings, while the balance eligible proceeds from the fresh issue will be used for general corporate purposes.
- Repayment / prepayment of existing borrowings — ₹360 crore
- General corporate purposes — remaining proceeds
Note: The ₹2,000 crore OFS proceeds will go entirely to the selling shareholders and not to the company.
Lead Managers & Registrar
- Book Running Lead Managers: JM Financial Ltd., Avendus Capital, IIFL Capital Services, and UBS Securities India
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company is promoted by Sunu Mathew, its Chairman, Managing Director and Chief Executive Officer, and Vertical Holdings II Pte. Ltd., which is affiliated with funds and entities managed or advised by KKR.
- CMD & CEO: Mr. Sunu Mathew
- Institutional Promoter: Vertical Holdings II Pte. Ltd. (KKR-affiliated entity)
- Credit Rating: A (Stable) — India Ratings
Company Details
LEAP India Limited is a supply chain asset pooling company that operates on a share-and-reuse model for pallets, containers, and material handling equipment (MHE). Its offerings include pallets used for handling and transporting goods, containers for storing and transporting products, and MHE such as hand pallet trucks, battery-operated pallet trucks, forklifts, reach trucks, and stackers. The company also provides technology-enabled supply chain solutions that connect manufacturing, distribution, and retail operations.
Sectors Served:
- Fast-Moving Consumer Goods (FMCG)
- Food & Beverage (F&B)
- Third-Party Logistics (3PL)
- E-Commerce & Quick Commerce
- Automotive
- Industrials
Key Customers:
The company had partnerships with more than 1,000 customers as of March 31, 2026, including blue-chip companies such as Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India, and Panasonic Life Solutions India.
Key Capabilities & Technology:
- Uses passive RFID for tracking containers and IoT-enabled systems for monitoring forklift movements. Also operates the MyLEAP platform and in-house applications for asset audits, inventory management, RFID tracking, and proof of delivery, along with AI and machine learning algorithms to forecast pallet demand.
- Asset portfolio includes 8.98 million pallets, 5.71 million containers, and over 4,700 MHE units, supported by SAP S/4HANA and Salesforce integration.
Network & Infrastructure:
- Pan-India network of over 10,100 customer touchpoints and 29 fulfilment centres across key states.
- Subsidiary TARON is the second-largest forklift pooling player in India by volume in FY26 and a leader in lithium-ion MHE. The company also consolidated its position by acquiring CHEP India in January 2025, integrating a competing pooling network.
Employees:
- As of March 31, 2026, the company had 419 permanent employees and 2,062 MHE operators.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹485.03 | ₹37.56 |
| FY26 | ₹747.36 | ₹62.34 |
Key Financial Metrics
- Revenue increased by 54% and PAT rose by 66% between FY25 and FY26 — reflecting strong operating leverage and business scaling.
- FY26 EBITDA margin stood at an impressive 50.69%.
- Credit Rating: A (Stable) from India Ratings
- Customer churn among top 100 customers was 0% in FY26 — indicating extremely strong client retention.
Company Strengths
- Market leader in India’s asset pooling industry — the largest on-demand pooling provider by number of pooled assets, and the only player operating at considerable scale nationally in the pallet pooling segment.
- Strong growth trajectory — 54% revenue growth and 66% PAT growth in FY26, with high EBITDA margins of ~50.69%.
- Technology-enabled pooling model that emphasises sustainability, circularity, and operational efficiency by replacing ownership with shared use — aligned with global ESG and circular economy trends.
- Zero churn among top 100 customers in FY26 and over 1,000 active customers across blue-chip industries — indicating high stickiness and long-term customer relationships.
- Strategic acquisition of CHEP India in January 2025 expanded asset pooling network significantly, broadening industry reach and eliminating a key competitor.
- KKR-backed institutional promoter provides strong corporate governance, capital access, and global best practices in logistics and supply chain management.
Key Risks & Challenges
- Large OFS component: ₹2,000 crore out of ₹2,480 crore is an OFS — meaning 80% of the IPO proceeds go to the selling shareholders (KKR), not to the company.
- Renewal risk — the business relies on long-term agreements with customers; failure to secure renewals or new service expansions with existing clients can adversely affect revenue and profitability.
- High debt levels: The company is using ₹360 crore of fresh issue proceeds to repay borrowings — indicating significant existing debt on the balance sheet.
- Asset-heavy business model: Managing 14.7 million physical assets across a pan-India network requires continuous capital expenditure for maintenance, repair, and replacement.
- High dependence on a concentrated set of large customers — top clients contribute a significant portion of revenue, and loss of even a few key accounts could materially impact financials.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
