The LEAP India IPO has entered its third and final day of bidding, with investors keeping a close eye on subscription trends and the grey market premium (GMP) before making their move. The Rs 2,480-crore public issue is seeing steady interest, although the GMP has eased slightly from earlier levels.
The IPO is currently commanding a GMP of around 8%, down from about 10% previously over the upper end of the price band. While the moderation suggests some cooling in grey-market sentiment, the premium still points to a positive market outlook ahead of the listing.
On Day 2, the issue was 49% subscribed, against the 11.49 crore shares on offer. Retail investors showed relatively moderate interest, with the retail portion subscribed 41% against the 5.74 crore shares reserved for the segment.
The market analyst has given the issue a "Subscribe - Long Term" rating, indicating that it may be better suited to investors with a long-term investment horizon rather than those looking for short-term gains.
With bidding closing today, investors will be watching whether demand accelerates in the final hours and pushes the overall subscription figures higher.
Backed by global investment firm KKR, LEAP India is a leading provider of asset-pooling and logistics infrastructure solutions. The IPO comprises a fresh issue of 3.02 crore equity shares worth Rs 480 crore and an offer for sale (OFS) of 12.58 crore shares valued at around Rs 2,000 crore.
The company has set the IPO price band at Rs 151-159 per share.
Under the OFS component, KKR-backed Vertical Holdings II will offload shares worth nearly Rs 1,998.6 crore, while the remaining shares will be sold by promoter group entity KIA EBT Scheme 3.
The IPO opened for subscription on August 7, 2026, and will remain open until August 11, 2026. The share allotment is expected to be finalised on August 12, while LEAP India shares are likely to make their stock market debut on the NSE and BSE on August 14, 2026.
For retail investors, the minimum bid quantity is 94 shares. At the upper price band of Rs 159 per share, investors will need to shell out a minimum of approximately Rs 14,946 for one lot.
JM Financial Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is acting as the registrar.
LEAP India IPO Subscription Status
The LEAP India IPO saw steady investor interest on Day 2, with the issue subscribed 49% overall against the 11.49 crore shares on offer.
The Retail Individual Investors (RIIs) category was subscribed 41%, while the Non-Institutional Investors (NIIs) segment was subscribed 50%, with bids coming in for half of the 2.46 crore shares reserved for the category.
Institutional demand was comparatively stronger. The Qualified Institutional Buyers (QIBs) portion was subscribed 61%, with investors bidding for a significant portion of the 3.28 crore shares allocated to them.
LEAP India IPO GMP Today
The grey market continues to indicate a positive outlook for LEAP India shares ahead of their market debut. The latest GMP stands at around Rs 13 per share, representing a premium of nearly 8% over the upper IPO price of Rs 159.
At the current GMP, the estimated listing price is around Rs 172 per share, suggesting a potential premium over the issue price.
However, the grey market premium is an unofficial indicator and can fluctuate significantly before listing. Investors should therefore assess LEAP India's business fundamentals, valuation, financial performance and IPO-related risks rather than relying solely on GMP trends when making an investment decision.
Leap India raises Rs 743.6 crore from anchor investors
Leap India has raised Rs 743.6 crore from anchor investors ahead of its public issue, attracting participation from 32 marquee investors on August 6. The company allotted 46.77 million equity shares to these anchor investors at the issue price of Rs 159 per share.
How LEAP India plans to use IPO proceeds
The company plans to utilise the IPO proceeds primarily to strengthen its financial position and support future expansion. Approximately Rs 360 crore of the net proceeds will be used to repay or prepay certain outstanding borrowings. The remaining funds will be allocated towards general corporate purposes, enabling LEAP India to enhance operational capabilities and pursue strategic growth opportunities.
Founded in 2013, LEAP India Ltd. operates in the sustainable supply chain and logistics infrastructure space, providing asset-pooling and reusable packaging solutions to businesses across multiple industries.
The company provides a comprehensive suite of services, including equipment pooling, returnable packaging solutions, inventory management, transportation services, and repair and maintenance support. These offerings enable businesses to improve supply chain efficiency, optimise asset utilisation, and streamline logistics operations.
Its solutions cater to sectors such as FMCG, food and beverage, third-party logistics (3PL), e-commerce, quick commerce, automotive, consumer durables, and industrial segments. Global investment firm KKR acquired a majority stake in LEAP India in 2023 as part of its Asia infrastructure investment strategy, supporting the company's expansion plans.
LEAP India has built a strong customer network of more than 1,000 clients as of March 31, 2026, including leading companies such as Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Toll (India) Logistics Private Limited, Daikin Airconditioning India Private Limited, and Panasonic Life Solutions India Private Limited. The company also integrates ESG principles into its operations by focusing on responsible sourcing, sustainable product design, and solutions aimed at reducing supply chain waste. As of March 31, 2026, LEAP India had 419 permanent employees and 2,062 material handling equipment (MHE) operators supporting its operations.
LEAP India reported strong financial growth in FY2026, driven by increasing demand for sustainable supply chain and logistics solutions. For the financial year ended March 31, 2026, the company's total income rose to Rs 747.36 crore from Rs 485.03 crore in FY2025, registering a 54% year-on-year increase.
The company also witnessed a significant improvement in profitability, with Profit After Tax (PAT) climbing to Rs 62.34 crore in FY2026, compared with Rs 37.56 crore in the previous financial year. This represents a 66% year-on-year growth.
Should you subscribe?
According to Anand Rathi Research, LEAP India is valued at 113.6x FY26 earnings, 21.8x EV/EBITDA and 6.9x Price-to-Book at the upper end of the price band, translating into a post-issue market capitalisation of around Rs 7,004.5 crore.
The brokerage believes the company is well-positioned to benefit from the growing adoption of asset-pooling solutions, increasing formalisation of supply chains and its international expansion strategy. However, it also notes that the IPO is aggressively priced, particularly given the company's 6.19% Return on Equity (ROE).
Despite the premium valuation, Anand Rathi has assigned the issue a "Subscribe - Long Term" rating, suggesting the IPO may be suitable for investors with a longer investment horizon rather than those seeking short-term gains.
