LEAP India Limited – DRHP: Key Highlights of the ₹2,400 Crore IPO
LEAP India Limited has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on August 29, 2025, marking the company’s first step towards going public. If you’re an investor curious about upcoming IPOs, here’s a simple breakdown of what the document reveals and why this offering matters.
A Quick Introduction to LEAP India Limited
LEAP India, founded in 2013 as a private limited company, has recently been converted into a public limited entity (July 2025). The company operates in the asset pooling and supply chain solutions space, offering services like pallet pooling, containers, and material handling. With India’s growing logistics and e-commerce market, the company is positioning itself as a key enabler of efficiency in the supply chain.
The promoters of the company are Sunu Mathew and Vertical Holdings II Pte. Ltd., with additional backing from institutional investors.
The IPO Size and Structure
According to the DRHP, the IPO is planned at an aggregate size of up to ₹24,000 million (₹2,400 crore). This includes:
- Fresh Issue: Shares worth up to ₹4,000 million will be issued by the company. These proceeds will go directly towards corporate growth and debt reduction.
- Offer for Sale (OFS): Existing shareholders will offload shares worth up to ₹20,000 million, led mainly by Vertical Holdings II Pte. Ltd. and KIA EBT Scheme 3.
Additionally, the company may consider a pre-IPO placement of up to ₹800 million, which could reduce the fresh issue size accordingly.
Listing and Lead Managers
The shares will be listed on both NSE and BSE, giving it wide market access.
The IPO will be managed by a strong lineup of Book Running Lead Managers (BRLMs):
- JM Financial
- Avendus Capital
- IIFL Capital Services
- UBS Securities India
The registrar for the issue is MUFG Intime India Private Limited.
Objects of the Issue
The funds raised from the fresh issue (₹4,000 million) will be used for:
- Expansion of pallet and container pooling infrastructure
- Debt repayment and strengthening of the balance sheet
- General corporate purposes
This aligns with LEAP India’s vision to scale up its asset pooling business, especially at a time when demand for efficient logistics solutions is rising in India.
Financial Performance
Based on the restated consolidated financial information, LEAP India Limited has shown significant growth in recent fiscal years.
- Revenue from Operations:
- Fiscal 2025: ₹4,664.72 million
- Fiscal 2024: ₹3,649.71 million
- Fiscal 2023: ₹2,533.67 million
- Profit Before Tax:
- Fiscal 2025: ₹520.57 million
- Fiscal 2024: ₹467.07 million
- Fiscal 2023: ₹98.22 million
Risks to Keep in Mind
Like all IPOs, there are some risks highlighted in the DRHP:
- Being a first-time offer, there is no prior trading history of the stock.
- Market price post-listing may differ significantly from the offer price.
- The business is closely linked to the performance of India’s logistics, manufacturing, and e-commerce sectors, which are cyclical in nature.
Why Investors Are Watching This IPO
LEAP India’s IPO is drawing attention because it sits at the intersection of India’s supply chain modernization and increasing adoption of shared assets. With global players in logistics eyeing India, LEAP India has the opportunity to strengthen its leadership in pallet pooling and related services.
The offering size also suggests strong backing from institutional investors and promoters, which can boost investor confidence.
Final Thoughts
The LEAP India Limited – DRHP signals a significant step for the company and India’s logistics sector as a whole. With a well-planned IPO structure and growth-focused objectives, this public offering could be one to watch closely. However, investors should weigh the potential risks before making decisions once the price band and final dates are announced.
Click the official DRHP Document.
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FAQs on LEAP India Limited – DRHP
1. What does LEAP India Limited do?
LEAP India Limited is a leading provider of asset pooling solutions, offering pallets, containers, and material handling services to manufacturers, retailers, and e-commerce players. The company helps streamline supply chains by reducing costs and improving logistics efficiency.
2. What is the IPO size mentioned in the LEAP India Limited - DRHP?
The IPO size is up to ₹24,000 million, which includes a fresh issue of ₹4,000 million and an offer for sale of up to ₹20,000 million by existing shareholders. The company may also consider a pre-IPO placement of up to ₹800 million.
3. Who are the promoters of LEAP India Limited?
The promoters are Sunu Mathew (founder and CEO) and Vertical Holdings II Pte. Ltd. They are supported by institutional investors like KIA EBT Scheme 3.