LEAP India files draft papers with SEBI for Rs 2,400 crore IPO

Mumbai-based LEAP India, an asset pooling provider in the supply chain sector, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,400 crore through an initial public offering (IPO).

The proposed issue comprises a fresh issue of equity shares worth up to Rs 400 crore and an offer for sale (OFS) of up to Rs 2,000 crore by existing shareholders, including Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3. The offer also includes a reservation for eligible employees, with a discount on shares offered under the employee quota.

Of the net proceeds from the fresh issue, Rs 300 crore will be used for prepayment of borrowings, while the balance will go towards meeting working capital requirements. The company may also consider a pre-IPO placement of up to 20 per cent of the fresh issue size, which would reduce the size of the fresh issue accordingly.

The IPO will be conducted through the book-building process, with up to 50 per cent of the net offer reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 35 per cent for retail individual investors (RIIs).

Founded in 2013, LEAP India has built its business on a “share and reuse” circular model, emerging as the only large-scale, pan-India player in pallet pooling. As of May 31, 2025, it owned 13.57 million pooling assets and operated 30 fulfilment centres across 7,747 customer touchpoints. The company is also a recognised leader in forklift rentals and lithium-ion–powered material handling equipment (MHEs).

Its customer base spans more than 900 companies across sectors such as FMCG, food and beverage, e-commerce, quick commerce, automotive, industrials, and third-party logistics. Key clients include Panasonic Life Solutions, Marico, Haier Appliances, Hindustan Coca Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi.

On the financial front, LEAP India reported a total income of Rs 485 crore in FY25, nearly doubling from Rs 258 crore in FY23, driven largely by higher revenue from pallets and container pooling. Net profit rose more than four-fold to Rs 37.5 crore in FY25 from Rs 9 crore in FY23.