Leap India IPO

About LEAP India IPO

The LEAP India IPO, a mainboard IPO, opens on Friday, August 7, 2026 and closes on Tuesday, August 11, 2026. The allotment of shares will take place on Wednesday, August 12, 2026. The credit of shares to the demat account will take place on Thursday, August 13, 2026. The initiation of refunds will take place on Thursday, August 13, 2026. The listing of shares will take place on Friday, August 14, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 3,01,88,679 shares aggregating up to ₹480 crores. The offer for sale portion includes 12,57,86,163 shares aggregating up to ₹2,000 crores. The total number of shares and aggregate amount are 15,59,74,842 shares aggregating up to ₹2,480 crores.

LEAP India IPO's price band is set at ₹151 to ₹159 per share. The lot size for an application is 94. The minimum amount of investment required by a retail investor is ₹14,946 (94 shares) (based on upper price).

LEAP India Limited is the largest on-demand asset pooling provider in India's supply chain management sector, measured by the number of pooled assets. The company hires out pallets, containers, and material handling equipment on a share-and-reuse basis, holding 14.70 million assets as of March 31, 2026.

Objectives of LEAP India IPO

• Repayment or prepayment, in full or in part, of certain borrowings availed by the company.
  
• General corporate purposes offer price.
  

Industry Outlook

India remains one of the least penetrated markets globally, with roughly 10 million pooled pallets against a total pallet base of 106 million, a penetration rate of 9.4% in Fiscal 2026.

India's logistics sector still carries high costs because supply chains are fragmented, handling is largely manual, and transportation systems remain inefficient.

The Indian pallet pooling market is forecast to compound at 14.9% between Fiscal 2026 and Fiscal 2031, taking pooled volumes from 10.00 million pallets to 20.00 million and lifting penetration to 12.2%, per section 4.6 of the Industry Overview chapter. Growth drivers are specific. Grade A warehousing expansion and vertical stacking demand standardised, high-quality pallets. Automation in manufacturing and distribution requires uniform pallets and reusable containers compatible with mechanised handling. Pallet use by the food and beverage industry alone is expected to grow at a CAGR of 7.88%, from 26.41 million units in Fiscal 2026 to 38.59 million in Fiscal 2031.

Market structure favours incumbents. Globally the industry is characterised as a monopoly or duopoly within individual countries, and the Indian market is highly concentrated.

About LEAP India

LEAP India Limited operates a share-and-reuse asset pooling model across India's supply chain sector. The network spans 10,100 customer touchpoints and 29 fulfilment centres nationwide. Fulfilment centres handle storage, maintenance, repair, and rapid deployment of assets. Customer count crossed 1,000 as of March 31, 2026, against over 500 two years earlier, and includes Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Toll (India) Logistics Private Limited, Daikin Airconditioning India Private Limited, Panasonic Life Solutions India Private Limited, Haier Appliances India Private Limited, Daimler India Commercial Vehicles Private Limited, Autoliv India Private Limited, and Sanathan Textiles Limited. Churn among the top 100 customers was 0.00% in Fiscal 2026.

Strengths of LEAP India

• The Company holds 90.00% of the pallet pooling market share in India and operates the largest pallet fleet.
• An asset base of 14.70 million pooled assets as of March 31, 2026 is deployed through 10,100 customer touchpoints and 29 fulfilment centres across India.
• Customer churn among the top 100 customers was 0.00% in Fiscal 2026, down from 0.75% in Fiscal 2024, supported by multi-year contracts running up to five years with auto-renewal provisions.
• The acquisition of CHEP India in January 2025 added an established container pooling network and broadened the customer base across industries.

Risks of LEAP India

• Pallets generated 62.17% of revenue from operations in Fiscal 2026, so any shift in customer preference towards one-way pallets or plastic and metal alternatives would directly reduce the Company's largest revenue stream.
• The top ten suppliers and service providers accounted for 63.27% of total purchases in Fiscal 2026, leaving asset procurement exposed to disruption if any of these relationships break down.
• Total outstanding borrowings stood at ₹1,017.725 crores as of March 31, 2026, and financing agreements carry restrictive covenants whose breach could trigger accelerated repayment or enforcement of security.
• Pooled assets circulate through customer supply chains and can be lost or damaged, with impairment losses on unrecovered assets of ₹2.830 crores in Fiscal 2026, and higher loss rates would force write-offs and replacement capital expenditure.
• Timber and plastic prices are volatile and much of the raw material is imported, so a weaker rupee or a price spike would raise asset costs faster than contractual escalation clauses can pass them on.

Peer Comparison

The company believes there are no listed comparable companies in India or globally in terms of its business and scale of operations. Hence, no suitable industry peers are available based on its analysis of regulatory filings and industry data.

Anchor Investor Bidding Date

Thursday, August 6, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private Limited
Tel: +91 810 811 4949
E-mail: leapindia.ipo@in.mpms.mufg.com

Book Running Lead Manager(s)
JM Financial Limited
Avendus Capital Private Limited
IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
UBS Securities India Private Limited

LEAP India Contact Details
14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400 063, Maharashtra, India.
Email: compliance@leapindia.net
Tel: +91 22 6958 8700

LEAP India Business Model

The company earns its revenue through hire charges on pooled supply chain assets, principally pallets, containers, and material handling equipment, which customers use on a share-and-reuse basis instead of buying and maintaining their own. Assets are hired under two arrangements: static hire, where pallets are used at a fixed customer location and returned after a set period, and movement hire, where assets travel with goods across multiple locations in the customer's supply chain. Ancillary revenue comes from one-way asset sales, scrap sales, and recovery of repair, breakage, and loss costs from customers.

LEAP India Growth Trajectory

LEAP India Limited's Total Income for FY26 was ₹747.35 crores, whereas in FY25 and FY 24 it was ₹485.03 crores and ₹371.94 crores, respectively.

The Profit After Tax for FY26 was ₹62.341 crores, whereas in FY25 and FY24 it was ₹37.56 crores and ₹37.17 crores, respectively.

Their EBITDA for FY26 was ₹378.82 crores, whereas in FY25 and FY24 it was ₹273.79 crores and ₹209.91 crores, respectively.

LEAP India Market Position

The company carries an A (stable) credit rating from India Ratings. Its client base of more than 1,000 customers includes Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Daikin Airconditioning India Private Limited, and Daimler India Commercial Vehicles Private Limited, with a majority of the top ten customers by Fiscal 2026 revenue having been served for more than five years.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹747.355 crores, ₹62.341 crores, and ₹378.829 crores, respectively.

How to apply for LEAP India IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.