LEAP India has filed its draft red herring prospectus with SEBI for a Rs 2400 crore Initial Public Offering. The Mumbai-based company is planning a fresh equity issue of up to Rs 400 crore as well as a sale of shares by existing shareholders (offer-for-sale) up to Rs 2000 crore. The offer with a face value of Re 1 also includes a subscription reservation and discounts for eligible employees.
The company was founded in 2013 by Sunu Mathew and uses a ‘share and reuse’ business model. It has now emerged as the biggest provider of supply chain assets such as pallets and containers in India — rented out to different businesses on demand. As of May 2025, LEAP India has 13.57 million assets and a pan-India network of 7,747 customer touchpoints and 30 fulfilment centres.
Rs 2400 crore IPO details
The company has filed its DHRP for a mixed offer (with face value of Re 1) with fresh issue up to Rs 400 crore and an offer-for-sale up to Rs 2,000 crore. Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3 are the selling shareholders in the issue. The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.
The proceeds from its fresh issuance worth Rs 300 crore will be utilised for prepayment of all or a certain borrowings of the company and the remainder will be utilised for working capital requirements. The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Details released by the company indicate that it is also mulling the possibility of a pre-IPO placement — aggregating up to 20 % of the fresh issue size. The fresh issue size will be reduced if this is completed.
JM Financial Limited, IIFL Capital Services Limited, UBS Securities India Private Ltd and Avendus Capital Private Limited, are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
Company financials
The company reported a total income of Rs 485 crore in FY25 — up from Rs 258 crore in FY23. The increase in revenue came mainly from growth in asset pooling services such as pallets and containers. Net profit rose from Rs 9 crore in FY23 to Rs 37.5 crore in FY25.
The company has more than 900 customers (as of March 31) — including include Panasonic Life Solutions India Private Ltd, Marico Ltd, Haier Appliances Private Ltd, Hindustan Coca Cola Beverages Private Ltd., Daikin, Daimler India Commercial Vehicles and JM Baxi. A press note added that its pooling assets were integrated into the customers’ supply chains — making it difficult to switch providers.