The KKR-backed LEAP India IPO will be open for IPO bidding today, August 07. The company wants to raise Rs 2,480 crore through a book-building issue. The IPO consists of two components: 3.02 crore shares of Rs 480 crore and 12.58 crore offer for sale (OFS) shares worth Rs 2,000 crore. 

OFS makes up the bigger part of the issue, which means this raised money will be pocketed by the company’s promoters and other selling shareholders.

The issue price band ranges between  Rs 151 – 159 per equity share.

LEAP India IPO GMP

The share price of LEAP India was trading at a premium of 12.3%, changing hands at Rs 178.5 in the grey market. This indicates that a lot could potentially yield a profit of Rs 1,833. 

However, investors should be aware that GMP is not an official metric to track listing trends. Sometimes the actual listing price could be vastly different from the GMP. It just offers investors a glimpse of investor sentiment.

LEAP India IPO: Allotment and listing

The allotment for IPO shares is expected to be finalised on August 12, while the listing on the bourses, NSE and BSE, is expected to be on August 14, as per the tentative schedule.

LEAP India IPO: Lot size

A retail buyer can bid for a minimum of 94 shares in a single lot, which total to Rs 14,946 at the upper price band.

LEAP India IPO: Book runner and registrar

JM Financial is working as the lead book-running manager of the issue, and MUFG Intime India is the registrar of the IPO.

About LEAP India

LEAP India specialises in sustainable supply chain and asset-pooling solutions. Incorporated in 2013, it offers services including equipment pooling, returnable packaging, inventory management, transportation, and repair & maintenance across industries like e-commerce, FMCG, automotive, and consumer durables. Global investment firm KKR acquired a majority stake in LEAP India in 2023, aligning with its Asia infrastructure strategy.

Expert take on LEAP India

Is the IPO an ‘Avoid’ or ‘Subscribe’?

 Anand Rathi Research in an IPO note stated that, “At the upper end of the price band, the company is valued at a P/E of 113.6x FY26 earnings, EV-to-EBITDA of 21.8x, and P/BV of 6.9x, implying a post-issue market capitalisation of Rs 7,004.5 crore.”

While LEAP India is well-positioned to benefit from increasing adoption of asset pooling solutions, supply chain formalisation, and its international expansion strategy, the issue appears aggressively priced considering its ROE of 6.19%. “Hence, we recommend a ‘Subscribe – Long Term’ rating to the IPO,” the brokerage added.