LEAP India's IPO, backed by global investment firm KKR, is seeing a positive response in the market despite a slight dip in grey market premium (GMP) from 10% to 8%. On the second day of bidding, the issue was 49% subscribed with retail investors showing moderate interest.
The IPO, which opened on August 7, 2026, and closes today, comprises a fresh issue of 3.02 crore equity shares worth Rs 480 crore and an offer for sale of 12.58 crore shares valued at around Rs 2,000 crore. The price band is set at Rs 151-159 per share, with a minimum bid quantity of 94 shares for retail investors.
Institutional demand has been strong, with the Qualified Institutional Buyers (QIBs) portion subscribed 61%. The Non-Institutional Investors (NIIs) segment saw a 50% subscription rate, while retail investors subscribed to 41% of their reserved shares.
LEAP India plans to use approximately Rs 360 crore of the IPO proceeds to repay or prepay certain borrowings, with the remaining funds earmarked for general corporate purposes. The company reported a 54% increase in total income for FY2026, reaching Rs 747.36 crore.
Market analysts have given the IPO a "Subscribe - Long Term" rating, suggesting it is more suitable for investors with a long-term horizon. The IPO is aggressively priced, with a valuation of 113.6x FY26 earnings.
Background
LEAP India, founded in 2013, operates in the sustainable supply chain and logistics infrastructure space. The company has shown strong financial growth, with a 54% increase in total income for FY2026. Its IPO is seen as a significant event in the logistics sector, especially given its backing by KKR.
As LEAP India prepares for its stock market debut, investors will be closely monitoring the final subscription figures and the company's performance post-listing. The IPO's success could set a precedent for future offerings in the logistics infrastructure sector.
