- Price band
- ₹151 – ₹159
- Issue size
- ₹2,480 Cr
- Lot size
- 94 sh
- Bidding
- 7 – 11 Aug
- Grey market
- —
Face value ₹1.00
19% fresh capital
Lists 14 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
LEAP India rents pallets, foldable containers and material-handling equipment from a pool it owns, repairs and redeploys; the prospectus calls this a share-and-reuse model, or pooling. Revenue from operations was Rs 364.97 Cr in FY24, Rs 466.47 Cr in FY25 and Rs 729.53 Cr in FY26, while profit after tax was Rs 37.17 Cr, Rs 37.56 Cr and Rs 62.34 Cr, and total borrowings were Rs 513.07 Cr, Rs 801.66 Cr and Rs 1,017.73 Cr. The Rs 2,480 Cr issue, of which Rs 2,000 Cr was an offer for sale and Rs 480 Cr fresh, was subscribed 8.82 times overall on its closing day, 11 August 2026, with QIB at 17.73 times, NII at 13.31 times and retail at 1.80 times. It listed at Rs 165.90 against a band top of Rs 159, closed its first day at Rs 144.93 and last traded at Rs 122.77 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for LEAP India, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 19.4% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2013 · 14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400 063, Maharashtra, India · 419 employees
LEAP India rents out the physical kit that moves goods through a supply chain rather than selling it. Customers draw pallets, foldable containers and material-handling equipment such as forklifts from a pool LEAP owns, use them, and return them; LEAP then repairs, stores and redeploys the same units. The prospectus calls this a share-and-reuse model, or pooling. As of 31 March 2026 it had 14.70 million such assets, 29 fulfilment centres, over 10,100 customer touchpoints and more than 1,000 customers across FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrial sectors. Most pallets are imported FSC-certified softwood; plastic pallets are also offered. LEAP acquired rival CHEP India in January 2025.
Revenue is recurring rental under long-term customer contracts, so earnings track how much of the pool is on hire. Pallets alone generated 62.17% of revenue from operations in Fiscal 2026, when utilisation ran at 89.34% for pallets, 71.68% for containers and 79.79% for MHE. The structural constraint is that LEAP owns every asset outright, so growth is bought with capital expenditure and debt. Revenue from operations reached ₹729.53 crore in Fiscal 2026 against ₹466.47 crore in Fiscal 2025, and EBITDA margin was 50.69% — but profit after tax was ₹62.34 crore. The gap between ₹378.83 crore of EBITDA and that figure is depreciation and finance costs on ₹1,017.73 crore of borrowings. Return on equity was 6.48%.
The company on paper
- Legal name
- LEAP India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 3 Jul 2013
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74900MH2013PLC245166
- Sector
- Industrials · Pallet, container and forklift pooling (rental) for supply-chain logistics
- Employees
- 419
- Registered office
- 14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400 063, Maharashtra, India
- Promoters
- Sunu Mathew, Vertical Holdings II Pte. Ltd.
- Promoter holding, pre-issue
- 89.1%
- Promoter holding, post-issue
- 54.6%
- Website
- leapindia.net
The numbers
Financial performance
Revenue has compounded at 41.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
19% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹480 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹2,000 Cr
- Total issue size
- ₹2,480 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 34.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹159.00
- Listed at
- ₹165.90
- Listing gain
- up 4.3%
- Since listing
- down 29.7%
- Against the issue price
- down 26.7%
Trading at ₹116.59 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 94
- At cut-off price
- ₹159.00
- Amount blocked
- ₹14,946
One lot is 94 shares at ₹14,946. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~56%
chance of one lot, per application
- Retail subscription
- 1.80×
- Applicants per share available
- 1.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹165.90
listed at, 4.3% against the issue price
- Issue price
- ₹159.00
- Premium said
- —
- If allotted 94 shares
- ₹649
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations rose in each of the three years on record: Rs 364.97 Cr in FY24, Rs 466.47 Cr in FY25 (27.81% higher) and Rs 729.53 Cr in FY26 (56.39% higher).
- EBITDA also rose in each of the three years on record, from Rs 209.92 Cr in FY24 to Rs 273.80 Cr in FY25 and Rs 378.83 Cr in FY26.
- Profit after tax was Rs 62.34 Cr in FY26 against Rs 37.56 Cr in FY25, a rise of 65.97%, on revenue from operations 56.39% higher at Rs 729.53 Cr against Rs 466.47 Cr.
- The business description reports 14.70 million pooled assets, 29 fulfilment centres, over 10,100 customer touchpoints and more than 1,000 customers as of 31 March 2026, and states that the company acquired CHEP India in January 2025.
What to weigh against it
- Total borrowings rose in each of the three years on record — Rs 513.07 Cr in FY24, Rs 801.66 Cr in FY25 and Rs 1,017.73 Cr in FY26 — and against net worth of Rs 714.18 Cr, Rs 917.35 Cr and Rs 1,006.33 Cr respectively that is 0.72x, 0.87x and 1.01x.
- EBITDA was 51.93% of revenue from operations in FY26 (Rs 378.83 Cr on Rs 729.53 Cr), against 58.70% in FY25 (Rs 273.80 Cr on Rs 466.47 Cr) and 57.52% in FY24 (Rs 209.92 Cr on Rs 364.97 Cr).
- The business description attributes the gap between Rs 378.83 Cr of EBITDA and Rs 62.34 Cr of profit after tax in FY26 to depreciation and finance costs on Rs 1,017.73 Cr of borrowings, and states that the company owns every asset outright so that growth is bought with capital expenditure and debt.
- Rs 2,000 Cr of the Rs 2,480 Cr issue, or 80.65%, was an offer for sale and Rs 480 Cr, or 19.35%, fresh issue; promoter holding is given as 89.12% pre-issue and 54.60% post-issue.
Easy to miss in the prospectus
- The business description reports that pallets alone generated 62.17% of revenue from operations in Fiscal 2026, at 89.34% utilisation, against 71.68% for containers and 79.79% for material-handling equipment.
- The financials carry no expenses, total assets or cash flow from operations for any of the three years, and the record holds no valuation, peer, anchor or category allocation data; the subscription table carries only the third and final day.
- The listing figures — Rs 165.90 listing price, Rs 144.93 first-day close and Rs 122.77 last traded, 22.79% below the Rs 159 band top — are stated as of 23 October 2026, the same date the record was last updated.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, UBS Securities India Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to LEAP India's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- LEAP India Limited — Prospectus (final, filed with RoC 12 Aug 2026), company IPO disclosures · read 15 Oct 2026
- LEAP India Limited — Abridged Prospectus, SEBI · read 15 Oct 2026
- LEAP India Limited — IPO Disclosures index (document links) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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