Leap India raises ₹744 crore from anchor investors; ₹2,480-crore IPO opens today

Leap India, a Mumbai-headquartered provider of supply chain management and asset-pooling solutions, has raised ₹743.62 crore from anchor investors ahead of the opening of its ₹2,480-crore initial public offering (IPO), which opens for public subscription today.

According to a stock exchange filing, the company allotted 4.67 crore equity shares to 32 anchor investors at ₹159 apiece, the upper end of the IPO price band.

The anchor book attracted several marquee global investors, including Smallcap World Fund, the Monetary Authority of Singapore, Morgan Stanley, Norway's Government Pension Fund Global, Cassini Partners, Amundi, Citigroup, Societe Generale and Goldman Sachs.

Domestic institutions also participated actively. Six mutual fund houses - Axis Mutual Fund, Motilal Oswal Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, ITI Mutual Fund and Groww Mutual Fund - received a combined allocation of 1.87 crore equity shares across 15 schemes. Aditya Birla Sun Life Insurance was also among the anchor investors.

Raises ₹371.3 crore in pre-IPO round

The anchor fundraising follows a ₹371.3-crore pre-IPO placement completed on August 3 and 4. The private placement was led by Singapore-based sovereign wealth fund GIC's subsidiary Gamnat Pte. Ltd., promoter Sunu Mathew and Singapore-based hedge fund Dymon Asia Multi-Strategy Investment (Singapore) Pte. Ltd.

Gamnat Pte. Ltd. emerged as the largest investor in the pre-IPO round, investing ₹279.99 crore. Dymon Asia invested ₹49.99 crore, while Matyas Possessiones Private Ltd., in which promoter Sunu Mathew holds a 99% stake, invested ₹22.99 crore.

Ahead of the IPO, promoter entity Vertical Holdings II also completed a separate pre-IPO secondary stake sale, divesting 2.33 crore equity shares, representing a 5.67% stake, for around ₹371 crore through private share purchase agreements. The transaction was independent of the offer-for-sale (OFS) in the IPO. Following the sale, Vertical Holdings II's shareholding in LEAP India declined to 68.06% from 73.73%, according to the company's red herring prospectus.

₹2,480-crore IPO opens today

Leap India has fixed the IPO price band at ₹151-159 per equity share. The ₹2,480-crore public issue comprises a fresh issue of equity shares worth up to ₹480 crore and an offer for sale of ₹2,000 crore by promoter Vertical Holdings II Pte. Ltd. and promoter group entity KIA EBT Scheme 3. The issue will close on August 11.

The company plans to utilise ₹360 crore from the fresh issue proceeds towards repayment or prepayment of certain borrowings, while the remaining funds will be used for general corporate purposes.

Founded in 2013, Leap India is India's largest on-demand asset pooling provider for the supply chain management sector by number of pooled assets, according to Frost & Sullivan. Its circular "share and reuse" business model enables customers to lease pallets, crates and other returnable transport assets instead of owning them, helping improve supply-chain efficiency, reduce logistics costs and lower environmental impact.

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

Financially, Leap India has posted robust growth over the past two years. For FY26, total income nearly doubled to ₹747.36 crore from ₹371.94 crore in FY24, while revenue from operations increased to ₹729.53 crore from ₹364.97 crore. EBITDA rose to ₹378.83 crore from ₹209.92 crore, with the EBITDA margin improving to 50.69%. Net profit increased to ₹62.34 crore from ₹37.17 crore during the same period.