KKR-backed LEAP India made a modest debut on the stock exchanges on Thursday, August 14, with shares listing at a premium of more than 4% over the IPO issue price of ₹159. The stock, however, fell short of expectations based on its prevailing grey market premium (GMP).
LEAP India Shares List at Over 4% Premium
On the NSE, LEAP India shares opened at ₹165.90, representing a 4.34% premium over the IPO price of ₹159. On the BSE, the stock debuted at ₹166, translating into a 4.40% gain.
Following the listing, LEAP India's market capitalization stood at approximately ₹7,312.91 crore.
The debut was positive, but it was weaker than the GMP indication. Before listing, LEAP India's shares were reportedly commanding a GMP of around ₹13, which had indicated a potentially stronger listing.
LEAP India IPO Subscribed 8.38 Times
The ₹2,480 crore LEAP India IPO received a strong response from investors during its three-day subscription period from August 7 to August 11.
The issue was subscribed 8.38 times, with investors bidding for 96,32,58,796 shares against 11,49,91,735 shares on offer.
Institutional and non-institutional investors showed the strongest interest, while the retail portion was subscribed 1.71 times.
The IPO had a price band of ₹151–₹159 per share, with the final issue price fixed at the upper end of the band at ₹159.
₹2,480 Crore IPO: Where Will the Money Go?
The LEAP India IPO comprised a fresh issue of ₹480 crore and an Offer for Sale (OFS) worth ₹2,000 crore.
From the fresh issue proceeds, the company plans to use approximately ₹360 crore to repay debt, while the remaining amount will be utilized for general corporate purposes.
The proceeds from the OFS will go to the selling shareholders.
LEAP India Raises ₹743.62 Crore From Anchor Investors
Ahead of the IPO, LEAP India raised ₹743.62 crore from 32 anchor investors through the allotment of approximately 4.67 crore shares at ₹159 apiece.
The anchor investor list included several prominent global institutions, including Morgan Stanley, Goldman Sachs, Citigroup, Amundi, Société Générale, Norway’s Government Pension Fund Global and the Monetary Authority of Singapore.
The IPO was managed by JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India.
What Does LEAP India Do?
LEAP India is a technology-driven supply chain and asset-pooling company that provides pallets, containers and material-handling equipment to businesses.
Its customer base spans several industries, including FMCG, food and beverages, third-party logistics, e-commerce, quick commerce, automotive and industrial sectors.
Founded in 2013, the company counts KKR among its key investors.
LEAP India's Financial Performance
LEAP India recorded strong revenue growth in FY2024-25. Its operating revenue increased 27.8% to ₹466.4 crore, compared with ₹364.9 crore in the previous financial year.
However, profit growth remained subdued. The company's net profit stood at approximately ₹37.5 crore, compared with ₹37.1 crore a year earlier.
LEAP India IPO Listing: Key Takeaways
IPO issue price: ₹159 per share
NSE listing price: ₹165.90
BSE listing price: ₹166
NSE listing premium: 4.34%
BSE listing premium: 4.40%
IPO size: ₹2,480 crore
IPO subscription: 8.38 times
Retail subscription: 1.71 times
Fresh issue: ₹480 crore
OFS: ₹2,000 crore
Debt repayment allocation: ₹360 crore
Post-listing market cap: Approximately ₹7,312.91 crore
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