LEAP India IPO — Date, Price Band, GMP & Allotment 2026
Everything you need to know about the LEAP India IPO. Track the latest updates, GMP trends, and subscription status.
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What is the LEAP India IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 07 Aug, 2026 | Friday |
| IPO Close Date | 11 Aug, 2026 | Tuesday |
| Basis of Allotment | 12 Aug, 2026 | Wednesday |
| Refunds Initiated | 13 Aug, 2026 | Thursday |
| Credit to Demat | 13 Aug, 2026 | Thursday |
| Listing Date | 14 Aug, 2026 | Friday |
What is the LEAP India IPO Lot Size?
Bidding in multiples of 94 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 94 | ₹14,946 |
| Retail (Max) | 13 | 1222 | ₹1,94,298 |
| S-HNI (Min) | 14 | 1316 | ₹2,09,244 |
| S-HNI (Max) | 66 | 6204 | ₹9,86,436 |
| B-HNI (Min) | 67 | 6298 | ₹10,01,382 |
About LEAP India
The company gives on rent wooden pallets that can carry loads up to 5 tonnes, foldable and stackable plastic containers, and material handling equipment such as forklifts, articulated forklifts and very narrow aisle (VNA) forklifts. Along with this, it also provides returnable packaging, inventory management, transport, and repair and maintenance services.
LEAP India works with companies in FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive, industrial and consumer durable sectors. As on 31 March 2026, it had more than 1,000 customers. Some of the well-known names are Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India and Panasonic Life Solutions India. On the same date, the company had 419 permanent employees and 2,062 MHE operators.
Pallets are the main business. They gave 62.17% of the revenue from operations in FY2026. The company holds about 90% share of the pallet pooling market in India. Global investment firm KKR bought a majority stake in the company in 2023 through Vertical Holdings II Pte. Ltd. It is now a promoter along with founder Sunu Mathew.
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LEAP India Key Performance Indicators (KPIs)
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Repayment / prepayment, in full or in part, of certain borrowings availed by the Company | ₹360.00 Cr. |
| General Corporate Purposes |
Strengths & Risks
Strengths
- ✓ Pallet use in India is still very low. Only about 15% of goods movement here uses pallets, against more than 90% in North America and Europe. So there is a long runway for growth.
- ✓ It is the largest on-demand asset pooling company in India, with about 90% share of the pallet pooling market. It is not easy for new players to enter this business.
- ✓ It is a trusted supply chain partner. The company focuses on quality and sustainability, and keeps changing its offering as customer needs change.
- ✓ The pay-per-use model gives steady income. The company has more than 1,000 blue-chip customers in fast growing sectors like FMCG, food and beverage, 3PL and quick commerce.
- ✓ It is backed by global investment firm KKR, which is a promoter along with founder Sunu Mathew.
Risks
- ⚠ The issue is priced very high. At the upper band of Rs 159, the post-issue P/E works out to about 112 times the FY2026 earnings of Rs 1.42 per share. There is very little room for any disappointment.
- ⚠ Returns are low for such a high price. ROE was 6.48% and RoNW was 6.19% in FY2026, even though the EBITDA margin was a healthy 50.69%.
- ⚠ The business needs a lot of money. Total borrowings went up from Rs 513.07 crore in FY2024 to Rs 1,017.73 crore in FY2026. Debt to equity is 1.01. Only Rs 360 crore of the fresh issue will be used to repay loans.
- ⚠ Out of the total issue of Rs 2,480 crore, Rs 2,000 crore is offer for sale. The company will get only Rs 480 crore. KKR is the main seller and promoter holding will come down from about 95.73% to 60.61%.
- ⚠ The company depends heavily on one product. Pallets gave 62.17% of the revenue from operations in FY2026. Any problem in the pallet business will hit the company hard.
- ⚠ Supplier concentration is high. The top ten suppliers and service providers made up 63.27% of total purchases in FY2026. Prices of timber and plastic can also go up and down.
- ⚠ Income comes from long-term contracts. If big customers do not renew them, or if payments are delayed, cash flow will be affected.
- ⚠ Growth has been very fast. Revenue went up 54% and profit went up 66% in FY2026. Such high growth may not continue every year.
Company Financials
The LEAP India company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,401.05 | 2,042.46 | 1,400.28 |
| Total Income | 747.36 | 485.03 | 371.94 |
| Profit After Tax | 62.34 | 37.56 | 37.17 |
| EBITDA | 378.83 | 273.80 | 209.92 |
| NET Worth | 1,006.33 | 917.35 | 714.18 |
| Reserves and Surplus | 678.78 | 606.09 | 521.84 |
| Total Borrowing | 1,017.73 | 801.66 | 513.07 |
See how this IPO compares — view listing performance of all mainboard IPOs.
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| Employee | Up to Rs 1.25 crore worth of shares (not exceeding 5% of post-Offer capital) |
Promoters and Shareholding Details
Sunu Mathew, Vertical Holdings II Pte. Ltd.
Promoter and promoter group hold 39,28,15,012 shares. This is 95.73% of the pre-issue capital of 41,03,47,780 shares. The full offer for sale of 12,57,86,163 shares is being sold by promoter group companies. Vertical Holdings II Pte. Ltd. (KKR) is selling shares worth about Rs 1,998.62 crore and KIA EBT Scheme 3 about Rs 1.38 crore. After the offer for sale and the fresh issue of 3,01,88,679 new shares, promoter holding will come down to about 60.61% on a post-issue base of 44,05,36,459 shares.
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 95.73% |
| Promoter Holding Post Issue | 60.61% |
Frequently Asked Questions
What is the GMP of LEAP India?
The current Grey Market Premium (GMP) of LEAP India is ₹ 16.
What is the LEAP India IPO Price Band?
The price band for LEAP India IPO is ₹151 to ₹159.
When is the LEAP India IPO Allotment?
The allotment date for LEAP India IPO is August 12, 2026.
How to check LEAP India IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (MUFG Intime India Private Limited).
Official Documents
Company Contact Details
LEAP India
14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra, India
+91 22 6958 8700
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