LEAP India IPO kicks-off today: Should you subscribe: Check price band, GMP, review & more

The initial public offering (IPO) of LEAP India opens for subscription on Friday, August 07. The supply chain & asset pooling solutions player is offering its shares in the range of Rs 151-157 apeice and investors can apply for minimum 94 equity shares and its multiples thereafter. One can subscribe to the issue till Tuesday, August 11.

LEAP India is eyeing to raise a total of Rs 2,480 crore via its primary stake sale, which includes a fresh share sale of Rs 480 crore and offer-for-sale of up to Rs 2,000 crore. The net proceeds from the fresh issue shall be utilized towards repayment of certain debts and general corporate purposes.

Incorporated in 2013, Mumbai-based LEAP India specializes in sustainable supply chain and asset-pooling solutions. It offers services including equipment pooling, returnable packaging, inventory management, transportation, and repair & maintenance across industries like e-commerce, FMCG, automotive, and consumer durables.

Ahead of its IPO, Technocraft Ventures raised Rs 743.62 crore from anchor investors as it allocated  4,67,68,854 equity shares for Rs 159 apiece. Its anchor book included names like Smallcap World Fund, Monetary Authority of Singapore, Axis MF, Motilal Oswal MF, Morgan Stanley, Habrok India Master LP, Bank of India MF, JM Financial MF, Amundi Funds, ITI FM, Goldman Sachs and others.

LEAP India reported a net profit of Rs 62.34 crore, with a revenue of Rs 747.36 crore for the financial year ended on March 31, 2026. The company clocked a net profit of Rs 37.56 crore with a revenue of Rs 485.03 crore for the financial year 2024-25. At the current valuations, LEAP India commands a market capitalization of close to Rs 7,005 crore.

LEAP India has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get 35 per cent of the reservation in the issue. Last heard, the company was commanding a grey market premium of Rs 18-20 apeice, suggesting a listing pop of 12-13 per cent for the investors.

JM Financial, Avendus Capital, UBS Securities India and IIFL Capital Services are the book running lead managers for LEAP India IPO, while MUFG Intine India is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE with August 14, Friday as the tentative date of listing. Here's what a host of brokerage firms say about the IPO of LEAP India:

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
LEAP India is India's largest on-demand asset pooling provider in the supply chain management sector, based on the number of pooled assets. It operates a circular asset pooling model, offering pallets, containers, and material handling equipment (MHEs) through a pan-India network, serving over 1,000 customers across industries, said Anand Rathi Share & Stock Brokers.

The issue is valued at a P/E of 113.6 times FY26 earnings, EV/EBITDA of 21.8 times, and P/BV of 6.9 times. While LEAP India is well-positioned to benefit from increasing adoption of asset pooling solutions, supply chain formalization, and its international expansion strategy, the issue appears aggressively priced considering its ROE of 6.19 per cent," it added with a 'subscribe for long-term' rating.

Swastika Investmart
Rating: Neutral
LEAP India has a strong leadership position in a niche asset pooling industry with high entry barriers. Its well-positioned to benefit from the underpenetrated pallet pooling market in India. Based on its recent financial data, the issue appears exorbitantly priced, said Swastika Investmart.

"The company is extracting higher premium for its IPO following its virtual monopolistic business model. The risk-reward appears unfavourable for investors due to demanding valuation and modest return ratios," it added with a 'neutral' rating.

BP Equities
Rating: Subscribe
The valuation appears reasonable considering the company's leadership in the asset pooling industry, diversified customer base, scalable business model, and favourable long-term growth outlook driven by increasing adoption of organised logistics and supply chain solutions, said BP Equities with a 'subscribe' for long-term rating,

SBI Securities
Rating: Neutral
LEAP India is India’s largest asset-pooling firm with a strong brand backed by operational excellence, a nationwide service network and technology enabled asset management capabilities. Strategic acquisitions have expanded its asset base, customer network and capabilities in pallet pooling and MHE, strengthening its leadership in India's supply-chain asset pooling market, said SBI Securities.

LEAP’s revenue, EBITDA and PAT has grown at a CAGR of 41.4 per cent, 33.4 per cent and 29.5 per cent respectively between FY24-26 period. The issue is valued at a PE and EV/EBITDA multiples of 20.9 times and 112.4 times respectively based on FY26 post issue capital. It is working-capital intensive as reflected in its elevated receivable days of 131, raising concern over healthy cash flow
conversion," it said with 'neutral' rating.

Ventura Securities
Rating: Subscribe
LEAP India is India's largest technology-enabled asset pooling company, providing pallets, containers and material handling equipment on a rental basis through a circular 'share & reuse' model. With a pan-India network of fulfilment centres and an integrated digital platform, it benefits from rising warehouse automation, supply chain formalisation and ESG adoption, said Ventura.

"It commands nearly 90 per cent of the domestic pallet pooling market, further strengthened by the acquisition of CHEP India. In FY26, revenue grew over 56 per cent, supported by strong asset utilisation and improved profitability. The IPO proceeds will primarily be used to reduce debt, while the company remains well positioned to capitalise on India's expanding logistics and warehousing ecosystem," it said with 'subscribe' rating.