Leap India Ltd IPO
Status: Closed
Overview
IPO date
07 Aug 2026 to 11 Aug 2026
Face value
₹ 0 per share
Price
₹ 151 to ₹159 per share
Issue Size
155,974,840 shares
(aggregating up to ₹ 2480 Cr)
(aggregating up to ₹ 2480 Cr)
Allotment Date
12 Aug 2026
Listing at
NSE
Issue type
Book Building
Sector
Miscellaneous
Unlock Stock of the Month
T&C*
Strengths vs Risks of Leap India Ltd
Know the pros & cons
Strengths
- Industry with multi-decadal and rapid growth story.
- Largest on-demand supply chain asset pooling company, in an industry with high barriers to entry.
- Trusted supply chain partner equipped to meet evolving customer needs with a focus on quality and sustainability.
- Highly resilient business model with a blue-chip customer base across high growth sectors.
- Efficient asset management capabilities led by technology and a focus on customer service leading to supply chain efficiency.
- Strong performance reflecting rapid growth and an attractive financial profile.
- Founder-led company supported by an experienced professional management team and reputed investors
Risks
- The company's business has grown rapidly in recent years, and its may not be able to sustain the company's rate of growth and profitability in the future.
- A majority of the company's revenue from operations is derived from its pallets (the company's pallets contributed to 62.17%, 67.90% and 72.23% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse impact on the company's pallet pooling business would adversely affect its business, results of operations and profitability.
- The company is dependent on its suppliers and service providers (the company's top ten suppliers and service providers contributed 63.27%, 60.00% and 77.00% of its total purchases in Fiscals 2026, 2025 and 2024, respectively) in relation to the company's operations. Any loss of suppliers or interruptions in the timely delivery of supplies and services could have an adverse impact on its business, financial condition, cash flows and results of operations.
- The company's success depends in large part upon its Key Managerial Personnel ("KMPs"), Senior Management and certain other employees and the company's inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows and results of operations.
- Pooling asset loss and inadequate controls and processes on the pooling equipment may result in additional expenses and could negatively affect the company's financial performance.
- The company typically enter into long-term, recurring contracts with customers and if its customers does not renew their agreements with it, or expand the scope of services, the company provides to them, its business, financial condition, results of operations and cash flows could be adversely impacted. In particular, if the company's relationships with its top customers are impaired or terminated, the company's business, financial condition, results of operations and cash flows could be adversely impacted.
- The company is reliant on its technology infrastructure in the company's business operations, and any disruption or failures of its technology infrastructure could materially affect the company's growth prospects, reputation, business, results of operations, financial condition and cash flows.
- The company is exposed to counterparty credit risk. Its inability to collect receivables on time or at all and defaults in payment from the company's customers could reduce its profits and affect the company's cash flows.
- The company is subject to volatility in the supply and pricing of raw materials such as timber and plastic which are used in the manufacture of its Assets as well as the supply and pricing of Assets, which the company purchases from third parties.
- A total of 19,889,503 Equity Shares held by Sunu Mathew, one of the company's Promoters, and Matyas Possessiones Private Limited ("Matyas"), a member of its Promoter Group, amounting in aggregate to 4.83% of the pre-Offer equity share capital of the Company on a fully diluted basis, had been pledged in favour of Catalyst Trusteeship Limited in relation to the unlisted nonconvertible debentures bearing face value of Rs. 1,000,000 each, issued by Matyas. Upon re-creation of such pledge to the extent permitted under SEBI ICDR Regulations, any invocation of such pledge could dilute the shareholding of such persons in the Company, which may adversely affect its business and financial condition.
- Failures to set and/or meet quality standards in relation to the company's Assets may adversely affect its business, results of operations and financial condition.
- Increases in maintenance may result in additional expenses and could negatively affect the company's financial performance.
- The company holds 90.00% of the market share in the pallet pooling business in India with the largest pallet fleet, according to the F&S Report. Competition in the industry in which its operates could result in a reduction in the company's market share which could adversely affect its business, results of operations and financial conditions.
- The company's financing arrangements contain certain restrictive covenants. Any non-compliance may lead to, amongst others, accelerated repayment schedule, enforcement of security and suspension of further drawdowns, which in turn may limit its ability to pursue the company's business and limit its flexibility in planning for, or reacting to the changes in the company's business or industry including its plans for expansion and diversification, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's operations requires a significant amount of working capital. Any inability to meet its working capital requirements may adversely affect the company's business, financial condition, cash flows and results of operations.
- An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company has in the past entered into related party transactions and will continue to do so in the future and its cannot assure you that the company could not have achieved more favorable terms if such transactions has not been entered into with related parties.
- The company's insurance coverage may not be sufficient or may not adequately protect it against risks and unexpected events, which may adversely affect its business, financial condition, cash flows and results of operations.
- The company's operations is subject to volatility in the supply and pricing of pallets required for its pallet pooling business.
- Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, cash flows and results of operations.
- New technologies in pallets, container or Material Handling Equipment ("MHE") design or components may reduce the competitiveness of the company's pallets, containers or MHEs.
- The Company has availed loans from banks and other financial institutions, which may be recalled on demand.
- The company's Promoter will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over it.
- The company has certain contingent liabilities that have not been provided for in the company's financial statements, which if they materialize, may adversely affect its financial condition.
- Non-availability of contract workers at reasonable cost or any strikes, work stoppages or increased wages demands could lead to disruption in the company's operations, which could adversely impact its business, financial condition, cash flows and results of operations.
- The company may evaluate opportunities for inorganic growth. Its efforts at integrating acquired businesses may not yield timely or effective results, which may affect the company's financial condition and results of operations.
- Contamination of pallets and containers may adversely affect the company's business, reputation and financial condition.
- The company faces risk related to the provision and use of Material Handling Equipment ("MHEs").
- The company's fulfilment centers and offices is situated on leased premises. In the event that its lose such rights or are required to renegotiate arrangements for such rights or are unable to obtain consent under the company's leasehold/licensing arrangements, the company's business, financial condition, cash flows and results of operations may be adversely affected.
- Increased societal and customer focus on natural capital and biodiversity issues, may adversely affect the company's business, reputation and financial condition.
- The company is exposed to losses due to fraud, negligence, theft or similar incidents by employees or executives, which may have an adverse impact on its business, financial condition, cash flows and results of operations.
- There are outstanding litigation against the Company, Director, Promoter and members of Senior Management. An adverse outcome in any of these proceedings may affect its reputation and standing and impact the company's future business and could have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company's business and prospects may be adversely affected if the company is unable to maintain, protect and grow its brand image.
- The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depends on the company's earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements and the company may not be able to pay dividends in future.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- There may be delays in filing of e-forms by the Company in compliance with the Companies Act, 2013. Consequently, its may be subject to regulatory actions and penalties for such delays which may adversely impact the company's business and financial condition.
- As a publicly listed company, the company will be subject to additional compliance requirements and increased scrutiny. Some of the company's Directors does not has any prior experience in directorship of listed entities, which may affect its ability to meet such additional compliance requirements.
- There are no listed comparable peers of the Company and potential investors may not have a peer to draw a comparison with the Company.
- The company has a limited history operating as a public company, which may make it difficult to evaluate its future prospects and results of operations.
- Certain sections of this Red Herring Prospectus disclose information from the F&S Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Statutory Auditors has included certain comments which does not requires corrective adjustments and certain matters prescribed under the Companies (Auditor's Report) Order, 2020, in the Restated Consolidated Financial Information of the Company.
- If the company does not obtain, renew, or maintain the statutory and regulatory permits and approvals required to operates its business, it could have a material adverse effect on the company's business.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry the company operates.
- The Company will not receive any proceeds from the Offer for Sale portion.
- The company may be unable to adequately obtain, maintain, protect and enforce its intellectual property rights. the company may also be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt its business and operations.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company's Promoters, certain of its Directors, Key Managerial Personnel, Senior Management Personnel and members of its Promoter Group has interests in the Company beyond their remuneration and reimbursement of any expenses.
- The company has issued specified securities during the preceding 12 months from the date of this Red Herring Prospectus at a price which may be below the Offer Price.
How to check the allotment status of Leap India Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 07 Aug 2026 & closes on 11 Aug 2026.
LEAP India Limited was incorporated as a private limited Company on July 3, 2013, which changed the status to public limited Company on July 31, 2025, issued by the Registrar of Companies, Central Processing Centre. Company offer pallets which are flat carrier structures, that support goods in a stable manner while being handled by forklifts, pallet jacks, or conveyors, containers and material handling equipment (MHEs) to customers for their supply chain needs.
At present, Company is engaged in the business of pooling of assets for providing customised and best in class services to automotive sector and Fast-Moving Consumer Goods (FMCG) industry in the supply chain arena. The Company has added items such as belts, wedges, stillages,
and racking. With the extensive selection, customers no longer need to coordinate with multiple suppliers for their pallets, containers, MHEs, and other supply chain Assets, which streamlines their operations and reduces management complexity
The Company launched the MyLEAP' application in FY 2019. In February 2023, Company acquired Skan Marine Services Private Limited, which got merged with the Company effective from June 21, 2024. Thereafter, Company acquired 100% of the equity capital of CHEP India Private Limited on January 8, 2025. Further, CHEP India was merged into the Company, via Scheme of Arrangement effective from January 2, 2025.
Company is planning to raise money through IPO aggregating of Rs 2400 Crore equity shares of face value of Re 1 each, comprising a fresh issue of Rs 400 Cr equity shares and Rs 2000 Cr. equity shares via offer for sale.
Leap India Ltd IPO will close on 11 Aug 2026.
- Industry with multi-decadal and rapid growth story.
- Largest on-demand supply chain asset pooling company, in an industry with high barriers to entry.
- Trusted supply chain partner equipped to meet evolving customer needs with a focus on quality and sustainability.
- Highly resilient business model with a blue-chip customer base across high growth sectors.
- Efficient asset management capabilities led by technology and a focus on customer service leading to supply chain efficiency.
- Strong performance reflecting rapid growth and an attractive financial profile.
- Founder-led company supported by an experienced professional management team and reputed investors
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sunu Mathew | 86766360 | 21.06 | 86766360 | 19.62 |
| 2 | Vertical Holdings II Pte. Ltd. | 280386936 | 68.06 | 154687377 | 34.98 |
| 3 | Matyas Possessiones Private Li | 2659108 | 0.65 | 2659108 | 0.6 |
| 4 | KIA EBT Scheme 3 (acting throu | 209332 | 0.05 | 122729 | 0.03 |
| 5 | Akshat Mathew | 888676 | 0.22 | 888676 | 0.2 |
- The company's business has grown rapidly in recent years, and its may not be able to sustain the company's rate of growth and profitability in the future.
- A majority of the company's revenue from operations is derived from its pallets (the company's pallets contributed to 62.17%, 67.90% and 72.23% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse impact on the company's pallet pooling business would adversely affect its business, results of operations and profitability.
- The company is dependent on its suppliers and service providers (the company's top ten suppliers and service providers contributed 63.27%, 60.00% and 77.00% of its total purchases in Fiscals 2026, 2025 and 2024, respectively) in relation to the company's operations. Any loss of suppliers or interruptions in the timely delivery of supplies and services could have an adverse impact on its business, financial condition, cash flows and results of operations.
- The company's success depends in large part upon its Key Managerial Personnel ("KMPs"), Senior Management and certain other employees and the company's inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows and results of operations.
- Pooling asset loss and inadequate controls and processes on the pooling equipment may result in additional expenses and could negatively affect the company's financial performance.
- The company typically enter into long-term, recurring contracts with customers and if its customers does not renew their agreements with it, or expand the scope of services, the company provides to them, its business, financial condition, results of operations and cash flows could be adversely impacted. In particular, if the company's relationships with its top customers are impaired or terminated, the company's business, financial condition, results of operations and cash flows could be adversely impacted.
- The company is reliant on its technology infrastructure in the company's business operations, and any disruption or failures of its technology infrastructure could materially affect the company's growth prospects, reputation, business, results of operations, financial condition and cash flows.
- The company is exposed to counterparty credit risk. Its inability to collect receivables on time or at all and defaults in payment from the company's customers could reduce its profits and affect the company's cash flows.
- The company is subject to volatility in the supply and pricing of raw materials such as timber and plastic which are used in the manufacture of its Assets as well as the supply and pricing of Assets, which the company purchases from third parties.
- A total of 19,889,503 Equity Shares held by Sunu Mathew, one of the company's Promoters, and Matyas Possessiones Private Limited ("Matyas"), a member of its Promoter Group, amounting in aggregate to 4.83% of the pre-Offer equity share capital of the Company on a fully diluted basis, had been pledged in favour of Catalyst Trusteeship Limited in relation to the unlisted nonconvertible debentures bearing face value of Rs. 1,000,000 each, issued by Matyas. Upon re-creation of such pledge to the extent permitted under SEBI ICDR Regulations, any invocation of such pledge could dilute the shareholding of such persons in the Company, which may adversely affect its business and financial condition.
- Failures to set and/or meet quality standards in relation to the company's Assets may adversely affect its business, results of operations and financial condition.
- Increases in maintenance may result in additional expenses and could negatively affect the company's financial performance.
- The company holds 90.00% of the market share in the pallet pooling business in India with the largest pallet fleet, according to the F&S Report. Competition in the industry in which its operates could result in a reduction in the company's market share which could adversely affect its business, results of operations and financial conditions.
- The company's financing arrangements contain certain restrictive covenants. Any non-compliance may lead to, amongst others, accelerated repayment schedule, enforcement of security and suspension of further drawdowns, which in turn may limit its ability to pursue the company's business and limit its flexibility in planning for, or reacting to the changes in the company's business or industry including its plans for expansion and diversification, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's operations requires a significant amount of working capital. Any inability to meet its working capital requirements may adversely affect the company's business, financial condition, cash flows and results of operations.
- An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company has in the past entered into related party transactions and will continue to do so in the future and its cannot assure you that the company could not have achieved more favorable terms if such transactions has not been entered into with related parties.
- The company's insurance coverage may not be sufficient or may not adequately protect it against risks and unexpected events, which may adversely affect its business, financial condition, cash flows and results of operations.
- The company's operations is subject to volatility in the supply and pricing of pallets required for its pallet pooling business.
- Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, cash flows and results of operations.
- New technologies in pallets, container or Material Handling Equipment ("MHE") design or components may reduce the competitiveness of the company's pallets, containers or MHEs.
- The Company has availed loans from banks and other financial institutions, which may be recalled on demand.
- The company's Promoter will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over it.
- The company has certain contingent liabilities that have not been provided for in the company's financial statements, which if they materialize, may adversely affect its financial condition.
- Non-availability of contract workers at reasonable cost or any strikes, work stoppages or increased wages demands could lead to disruption in the company's operations, which could adversely impact its business, financial condition, cash flows and results of operations.
- The company may evaluate opportunities for inorganic growth. Its efforts at integrating acquired businesses may not yield timely or effective results, which may affect the company's financial condition and results of operations.
- Contamination of pallets and containers may adversely affect the company's business, reputation and financial condition.
- The company faces risk related to the provision and use of Material Handling Equipment ("MHEs").
- The company's fulfilment centers and offices is situated on leased premises. In the event that its lose such rights or are required to renegotiate arrangements for such rights or are unable to obtain consent under the company's leasehold/licensing arrangements, the company's business, financial condition, cash flows and results of operations may be adversely affected.
- Increased societal and customer focus on natural capital and biodiversity issues, may adversely affect the company's business, reputation and financial condition.
- The company is exposed to losses due to fraud, negligence, theft or similar incidents by employees or executives, which may have an adverse impact on its business, financial condition, cash flows and results of operations.
- There are outstanding litigation against the Company, Director, Promoter and members of Senior Management. An adverse outcome in any of these proceedings may affect its reputation and standing and impact the company's future business and could have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company's business and prospects may be adversely affected if the company is unable to maintain, protect and grow its brand image.
- The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depends on the company's earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements and the company may not be able to pay dividends in future.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- There may be delays in filing of e-forms by the Company in compliance with the Companies Act, 2013. Consequently, its may be subject to regulatory actions and penalties for such delays which may adversely impact the company's business and financial condition.
- As a publicly listed company, the company will be subject to additional compliance requirements and increased scrutiny. Some of the company's Directors does not has any prior experience in directorship of listed entities, which may affect its ability to meet such additional compliance requirements.
- There are no listed comparable peers of the Company and potential investors may not have a peer to draw a comparison with the Company.
- The company has a limited history operating as a public company, which may make it difficult to evaluate its future prospects and results of operations.
- Certain sections of this Red Herring Prospectus disclose information from the F&S Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Statutory Auditors has included certain comments which does not requires corrective adjustments and certain matters prescribed under the Companies (Auditor's Report) Order, 2020, in the Restated Consolidated Financial Information of the Company.
- If the company does not obtain, renew, or maintain the statutory and regulatory permits and approvals required to operates its business, it could have a material adverse effect on the company's business.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry the company operates.
- The Company will not receive any proceeds from the Offer for Sale portion.
- The company may be unable to adequately obtain, maintain, protect and enforce its intellectual property rights. the company may also be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt its business and operations.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company's Promoters, certain of its Directors, Key Managerial Personnel, Senior Management Personnel and members of its Promoter Group has interests in the Company beyond their remuneration and reimbursement of any expenses.
- The company has issued specified securities during the preceding 12 months from the date of this Red Herring Prospectus at a price which may be below the Offer Price.
The Issue type of Leap India Ltd is Book Building.
The minimum application for shares of Leap India Ltd is 94.
The total shares issue of Leap India Ltd is 155974840.
Initial public offer of 155,974,840 equity shares of face value of Re. 1 each ("Equity Shares") of Leap India Limited ("Company") for cash at a price of Rs. 159 per equity share (including a share premium of Rs. 158 per equity share) ("Offer Price") aggregating to Rs. 2480.00 Crores (the "Offer") comprising a fresh issue of 30,188,678 equity shares of face value of Re. 1 each aggregating to Rs. 480.00 Crores by the company ("Fresh Issue") and an offer for sale of 125,786,162 equity shares of face value of Re. 1 each aggregating to Rs. 2000.00 Crores (the "Offer For Sale"), consisting of 125,699,599 equity shares of face value of Re. 1 each aggregating to Rs. 1998.62 Crores by Vertical Holdings II Pte. Ltd. (the "Promoter Selling Shareholder") and 86,603 equity shares of face value of Re. 1 each aggregating to Rs. 1.38 Crores by Kia EBT Scheme 3 (Acting Through its Trustee, Catalyst Trusteeship Limited) (the "Promoter Group Selling Shareholder", and together with promoter selling shareholder, the "Selling Shareholders" and such equity shares so offered by the selling shareholders, the "Offered Shares" and such offer for sale together with the fresh issue, the "Offer").
The offer includes a reservation of up to 78,616 equity shares of face value of Re. 1 each, aggregating up to Rs. 1.25 Crores (constituting 0.02% of the post-offer paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer constituted 35.27% and 35.25% of the post-offer paid-up equity share capital of the company, respectively.
Price Band: Rs. 159 per equity share of face value of Rs. 1 each.
The floor price is 159 times the face value of the equity shares.
Bids can be made for a minimum of 94 equity shares of face value of Rs. 1 each and in multiples of 94 equity shares of face value of Rs. 1 each thereafter.