LEAP India has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch a ₹2,400 crore Initial Public Offering (IPO) that combines both fresh shares and an offer for sale by existing shareholders.
LEAP India IPO: Key Details
The IPO includes a fresh equity issue worth ₹400 crore and an offer for sale (OFS) of up to ₹2,000 crore. The OFS will be driven mainly by KKR-backed Vertical Holdings II Pte. Ltd, which plans to sell shares worth about ₹1,998.6 crore. Additionally, KIA EBT Scheme 3 is offloading a smaller portion of around ₹1.4 crore. LEAP India might also consider a pre-IPO placement up to ₹80 crore, which could reduce the size of the fresh issue if completed.
Fund Utilization
From the fresh equity proceeds, ₹300 crore is set aside for repayment of borrowings. The remaining funds will support general corporate purposes and working capital.
Company Background
Founded in 2013 by Sunu Mathew, Mumbai-based LEAP India is now India’s largest on-demand asset pooling provider. Operating on a “share and reuse” model, the company leases pallets, containers, and material handling equipment to businesses across FMCG, beverages, e-commerce, retail, automotive, and industrial sectors. This helps clients cut costs and boost operational efficiency without the burden of ownership.
Business Reach and Growth
As of May 2025, LEAP India managed over 13.5 million pooling assets, with operations spanning 7,747 customer touchpoints and a network of 30 fulfillment centers and over 20 warehouses across India. The customer portfolio features more than 900 companies, including key names like Panasonic Life Solutions, Marico, Haier Appliances, Hindustan Coca-Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi. Earlier in 2025, LEAP India expanded further by acquiring CHEP India, strengthening its leadership in pooled supply chain assets.
Financial Performance
LEAP India posted an operating revenue of ₹466.4 crore for FY25, rising by nearly 28% from ₹364.9 crore in FY24. Net profit stood steady at ₹37.5 crore, compared to ₹37.1 crore in FY24. Over the last two years, total income doubled from ₹258 crore in FY23 to ₹485 crore in FY25. Net profit also rose significantly from ₹9 crore in FY23 to ₹37.5 crore in FY25.
IPO Structure and Reservations
The public issue will use the book-building process. Allocation will see 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. There will also be a special quota for company employees with a discount for eligible applicants.
Conclusion
LEAP India’s IPO highlights strong growth, a leading market position, and increased demand for organized supply chain solutions across India. The money raised will help the company reduce debt and accelerate its expansion in logistics and asset pooling, supporting India’s fast-growing supply chain sector.