Leap India raises ₹371 crore in pre-IPO round led by GIC arm, promoter Sunu Mathew; ₹2,480-crore IPO opens Aug 7

Supply chain asset pooling company Leap India has raised ₹371.3 crore in a pre-IPO placement from Singapore-based sovereign wealth fund GIC's subsidiary Gamnat Pte. Ltd., promoter Sunu Mathew and Dymon Asia. The ₹2,480-crore initial public offering (IPO) of the company will open on August 7 and close on August 11.

As per a media advertisement published on August 6, Leap India completed a private placement of 2.34 crore equity shares at ₹159 apiece, the upper end of its IPO price band.

Gamnat Pte. Ltd. emerged as the largest investor in the round, picking up 1.76 crore equity shares for nearly ₹280 crore. Dymon Asia invested about ₹50 crore by subscribing to 31.45 lakh shares, while Matyas Possessiones Private Ltd., in which founder & managing director Sunu Mathew holds a 99% stake, invested nearly ₹23 crore through the purchase of 14.47 lakh shares.

The private placement was conducted on August 3-4, ahead of the launch of its ₹2,480-crore IPO for public subscription on August 7. Leap India has fixed the IPO price band at ₹151-159 per equity share.

The IPO comprises a fresh issue of equity shares worth up to ₹480 crore and an offer for sale (OFS) aggregating to ₹2,000 crore by promoter Vertical Holdings II Pte. Ltd. and promoter group entity KIA EBT Scheme 3.

The company plans to utilise ₹360 crore from the fresh issue proceeds to repay or prepay certain borrowings, with the balance earmarked for general corporate purposes.

Incorporated in 2013, Leap India is India's largest on-demand asset pooling provider for the supply chain management sector, based on the number of pooled assets, according to Frost & Sullivan. The company operates a circular "share and reuse" business model that allows customers to rent pallets, crates and other logistics assets instead of owning them, helping reduce costs, improve operational efficiency and minimise environmental impact.

As of March 31, 2026, the company managed 14.7 million pooled assets and served more than 1,000 customers through a network of over 10,100 customer touchpoints across the country. Its clientele spans sectors including fast-moving consumer goods (FMCG), food and beverages, third-party logistics, e-commerce, quick commerce, automotive and industrials.

Leap India has delivered strong financial growth over the past two years. For FY26, total income rose to ₹747.36 crore from ₹371.94 crore in FY24, while revenue from operations increased to ₹729.53 crore from ₹364.97 crore. EBITDA climbed to ₹378.83 crore from ₹209.92 crore, with an EBITDA margin of 50.69%. Net profit increased to ₹62.34 crore from ₹37.17 crore during the same period.