LEAP India IPO Details
About LEAP India Ltd.
Incorporated in 2013, LEAP India Ltd. is a supply-chain solutions company focused on sustainable asset pooling, returnable packaging, material handling, and inventory management. The company enables businesses to improve supply-chain efficiency by providing reusable assets and associated services rather than relying solely on conventional, asset-heavy logistics models. In 2023, global investment firm KKR acquired a majority stake in LEAP India, supporting the company’s growth ambitions and aligning with KKR’s broader Asia infrastructure investment strategy.
LEAP India serves a diversified customer base across high-growth industries, including fast-moving consumer goods (FMCG), food and beverage, third-party logistics (3PL), e-commerce and quick commerce, automotive, industrials and consumer durables. As of March 31, 2026, the company had partnerships with more than 1,000 customers, including several well-known blue-chip enterprises such as Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India and Panasonic Life Solutions India.
Key Offerings
LEAP India’s product and service portfolio covers several critical areas of modern supply-chain management:
- Pallets: Durable and recyclable wooden pallets designed for efficient storage, handling and transportation, with load-bearing capacity of up to 5 tonnes.
- Reusable Containers: Foldable and stackable containers that facilitate safe, efficient and sustainable material movement and storage.
- Material Handling Equipment (MHE): Industrial equipment such as forklifts that enable efficient lifting, loading, unloading, movement and stacking of materials.
- Articulated Forklifts: Compact equipment designed for narrow-aisle warehouses, helping customers improve space utilization and operational efficiency.
- VNA Forklifts: Specialized Very Narrow Aisle forklifts that support high-density warehousing and high-rack storage operations.
Sustainability and ESG Focus
Sustainability is integrated into LEAP India’s business model through the use of reusable assets, responsible sourcing and product designs aimed at reducing waste and improving resource utilization. Its asset-pooling approach can help customers optimize asset utilization while reducing dependence on single-use packaging and inefficient logistics practices.
Competitive Strengths
LEAP India operates in an industry supported by a multi-decadal growth opportunity, driven by organized logistics, e-commerce, warehousing, manufacturing and increasing supply-chain sophistication. Its position as a large on-demand supply-chain asset-pooling platform provides scale and creates entry barriers through asset networks, customer relationships and operational capabilities.
The company also benefits from a resilient business model and diversified blue-chip customer base, reducing dependence on any single industry or customer. Its emphasis on quality, sustainability and customized supply-chain solutions positions LEAP India as a trusted partner capable of addressing evolving customer requirements.
As of March 31, 2026, LEAP India had 419 permanent employees and 2,062 MHE operators, reflecting its significant operational footprint and capability to support customers across diverse supply-chain environments.
LEAP India Ltd. – IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | 7 – 11 August 2026 |
| Listing Date | Friday, 14 August 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹151 – ₹159 per share |
| Lot Size | 94 Shares |
| Minimum Investment | ₹14,194 at upper price band |
| Sale Type | Fresh Issue + Offer for Sale (OFS) |
| Issue Type | Book Building IPO |
| Listing Exchange | BSE & NSE |
| Total Issue Size | 15,59,74,841 shares |
| Total Issue Amount | Up to ₹2,480 crore |
| Fresh Issue | 3,01,88,679 shares |
| Fresh Issue Amount | Up to ₹480 crore |
| Offer for Sale (OFS) | 12,57,86,162 shares |
| OFS Amount | Up to ₹2,000 crore |
| Pre-Issue Shareholding | 41,03,47,780 shares |
| Post-Issue Shareholding | 44,05,36,459 shares |
| Fresh Issue as % of Total Issue | ~19.36% |
| OFS as % of Total Issue | ~80.64% |
Investment Snapshot
| Key Point | Observation |
|---|---|
| IPO Size | ₹2,480 crore |
| Fresh Capital Raised | ₹480 crore |
| OFS Component | ₹2,000 crore |
| Primary vs Secondary | Predominantly OFS |
| Price Band | ₹151 – ₹159 |
| Retail Lot | 94 shares |
| Maximum Retail Investment | ₹14,946 at ₹159 |
| Listing Platforms | NSE & BSE |
Note: The minimum investment at the upper price band is 94 × ₹159 = ₹14,946. The ₹14,194 figure applies at the lower price band (94 × ₹151).
LEAP India Ltd. – Financial Performance
| Particulars (₹ Crore) | FY 2023-24 | FY 2024-25 | FY 2025-26 | Growth FY25–FY26 |
|---|---|---|---|---|
| Assets | 1,400.28 | 2,042.46 | 2,401.05 | 17.55% |
| Total Income | 371.94 | 485.03 | 747.36 | 54.09% |
| Profit After Tax (PAT) | 37.17 | 37.56 | 62.34 | 66.00% |
| EBITDA | 209.92 | 273.80 | 378.83 | 38.36% |
| Net Worth | 714.18 | 917.35 | 1,006.33 | 9.70% |
| Reserves & Surplus | 521.84 | 606.09 | 678.78 | 11.99% |
| Total Borrowings | 513.07 | 801.66 | 1,017.73 | 26.95% |
Key Financial Highlights
- Revenue/Total Income: Increased from ₹485.03 crore to ₹747.36 crore, representing approximately 54% growth in FY26.
- PAT: Rose sharply from ₹37.56 crore to ₹62.34 crore, registering approximately 66% growth.
- EBITDA: Improved from ₹273.80 crore to ₹378.83 crore, a growth of approximately 38%.
- Assets: Increased to ₹2,401.05 crore, reflecting continued expansion of the business.
- Net Worth: Increased from ₹917.35 crore to ₹1,006.33 crore.
- Borrowings: Increased from ₹801.66 crore to ₹1,017.73 crore, which is an important factor to consider while evaluating the company’s financial leverage.
Overall: LEAP India demonstrated strong growth in FY26, particularly in income and profitability. However, the significant increase in borrowings should also be assessed alongside the company’s growth, cash flows and future expansion plans.
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 6.48% |
| ROCE | 19.06% |
| Debt/Equity | 1.01 |
| RoNW | 6.19% |
| PAT Margin | 8.34% |
| EBITDA Margin | 50.69% |
| NAV | 24.52 |
| Price to Book Value | 6.48 |
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