Supply Chain Unicorn In The Making? LEAP India Files DRHP For Mega Rs 2,400 Cr IPO; Seeks Mainboard Listing

For its initial public offering (IPO), Mumbai-based LEAP India, a major participant in the supply chain industry as an on-demand asset pooling provider, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
The offer, which has a face value of Rs 1, consists of both an offer-for-sale up to Rs 2,000 crore and a fresh issue of shares up to Rs 400 crore. The issue's selling shareholders are KIA EBT Scheme 3 and Vertical Holdings II Pte. Ltd.

The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion as per the DRHP.

The company will use the Rs 300 crore proceeds from the fresh issue to pay off all or some of its debts, with the remaining funds going towards working capital needs.
A pre-IPO placement that aggregates up to 20% of the fresh issue size may be considered by the company after consulting with the book-running lead managers.

If the pre-IPO placement performs well, the size of the new issue will be lowered. The offer is being made through the book-building procedure, with qualified institutional buyers receiving no more than 50% of the net offer and non-institutional bids receiving no more than 15% and retail individual bidders receiving no more than 35% of the net offer, respectively.

The offer's registrar is MUFG Intime India Private Limited, while the book-running lead managers are JM Financial Limited, IIFL Capital Services Limited, UBS Securities India Private Ltd, and Avendus Capital Private Limited. The equity shares of the company are proposed to be listed on BSE and NSE.

According to the F&S Report, the company, which was founded in 2013, is the largest on-demand asset pooling provider in India's supply chain management industry (based on the number of pooled assets). It uses a business strategy known as "share and reuse," or pooling.

As of May 31, 2025, the firm has 13.57 million assets and a pan-India network of 7,747 customer touchpoints and 30 fulfilment centers, which are facilities to help with the quick deployment, maintenance, and repair of its assets to its clients. The firm is now the only one in India operating at a significant size and on a national level in the pallet pooling area, according to the F&S Report.

In Fiscal 2025, the company's total income was Rs 485 crore, compared to Rs 258 crore in Fiscal 2023. Increased revenue from asset pooling-pallets and containers-benefited the company. In Fiscal 2025, its net profit was Rs 37.5 crore, compared to Rs 9 crore in Fiscal 2023.

As of March 31, 2025, the firm has over 900 clients, including JM Baxi, Daikin, Daimler India Commercial Vehicles, Hindustan Coca Cola Beverages Private Ltd., Haier Appliances Private Ltd., Marico Ltd., and Panasonic Life Solutions India Private Ltd.

The firm can service a wide range of clients from industries including fast-moving consumer goods (FMCG), food and beverage (F&B), third-party logistics (3PL), e-commerce and rapid commerce, automotive, and industrials thanks to its extensive asset base and pan-India network.