LEAP India Files DRHP With Sebi for an IPO

LEAP India, one of the fastest-growing supply chain solutions providers, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise around ₹2,400 crore via an Initial Public Offering (IPO). The IPO will be a book-built issue, consisting of a fresh issue and a large offer-for-sale (OFS).

LEAP India IPO Details

• IPO Size: ₹2,400 crore (Fresh Issue: ₹400 crore + OFS: ₹2,000 crore)
• Face Value: ₹1 per equity share
• Offer-for-Sale (OFS):
  • KKR-owned Vertical Holdings II – selling shares worth ₹1,998.6 crore
  • Promoter KIA EBT Scheme 3 – selling shares worth ₹1.38 crore
• Pre-IPO Placement: Company may raise ₹80 crore before the IPO; if completed, the fresh issue size will be reduced accordingly.
• Investor Quota (as per DRHP):
  • QIB (Qualified Institutional Buyers): 50%
  • NII (High Net-worth Individuals): 15%
  • RII (Retail Individual Investors): 35%
• Listing: Both NSE and BSE

Utilization of IPO Proceeds

The net proceeds from the fresh issue of ₹400 crore will be deployed as follows:

• ₹300 crore – Repayment of borrowings
• ₹100 crore – General corporate purposes & working capital requirements

About LEAP India

• Incorporated: 2013
• Business Model: “Share and Reuse” model — leasing pallets, containers, and material handling equipment to sectors like FMCG, beverages, e-commerce, automotive, retail, and logistics.
• Assets Managed: 13.57 million across India
• Infrastructure: 30 fulfilment centres, 20 warehouses, and over 7,700 customer touchpoints
• Clients: Includes Panasonic Life Solutions, Marico, Hindustan Coca-Cola, Haier, Daikin, Daimler India, JM Baxi, and others
• Expansion Strategy: In early 2025, the company expanded further by acquiring CHEP India, a subsidiary of Brambles, a global leader in reusable pallets and containers

LEAP India Financial Highlights (₹ in Crores)

• Revenue rose 27.8% YoY in FY25 and nearly doubled in 2 years.
• Net Profit grew more than 4x from FY23 to FY25, reflecting strong operational efficiency.
• The company is gradually reducing debt levels while expanding its asset base.

Significance of the IPO

• Provides an exit opportunity to key shareholder KKR, while strengthening company’s financials with fresh capital.
• Enables deleveraging of the balance sheet with a focus on reducing debt.
• Funds expansion to meet rising demand for supply chain and logistics solutions in India.
• Positions LEAP India as a stronger competitor against global players and domestic logistics service providers.