LEAP India IPO Nears Climax: Subscription Hits Near 50% as Premium Holds Up Market Outlook
The LEAP India IPO, a Rs 2,480-crore public issue, is approaching its final day of bidding, with investor sentiment remaining positive despite slight moderation in the grey market premium (GMP). The company, which provides asset-pooling and logistics infrastructure solutions, continues to attract steady interest as investors await listing on the NSE and BSE.The IPO offers a fresh issue component of 3.02 crore equity shares worth Rs 480 crore and an Offer For Sale (OFS) segment comprising 12.58 crore shares valued at around Rs 2,000 crore. The price band for the share has been set at Rs 151 to Rs 159 per share.
Current IPO Subscription Status and Demand Dynamics
On Day 2 of the bidding process, the LEAP India issue was recorded as 49% subscribed against the 11.49 crore shares on offer. The subscription figures indicate strong institutional interest alongside moderate retail participation.The Qualified Institutional Buyers (QIBs) segment demonstrated particular strength, achieving a 61% subscription rate for the 3.28 crore allocated shares. Similarly, the Non-Institutional Investors (NIIs) category was subscribed at 50%, with bids received covering half of the reserved 2.46 crore shares.
Retail Individual Investors (RIIs) showed steady interest, registering a 41% subscription for the retail portion, which consisted of 5.74 crore shares. The bidding concludes today, and investors are closely monitoring demand for any accelerated uptake in the final hours.
Grey Market Premium Indicates Positive Listing Potential
The grey market continues to project a positive outlook for LEAP India shares ahead of their market debut. The current GMP stands at approximately Rs 13 per share.This translates into an estimated premium of nearly 8% over the upper IPO price of Rs 159. Based on this unofficial indicator, the anticipated listing price is estimated to be around Rs 172 per share.
Investors are strongly advised, however, that the grey market premium is volatile and subject to fluctuation prior to listing. A comprehensive assessment of LEAP India’s business fundamentals, valuation, financial performance, and IPO-related risks remains critical for investment decisions.
Financial Strength and Strategic Use of Proceeds
LEAP India Ltd., founded in 2013, operates within the sustainable supply chain and logistics infrastructure space. The company provides a comprehensive suite of services, including equipment pooling, inventory management, and returnable packaging solutions to various sectors like FMCG and e-commerce.The company reported robust financial growth for FY2026. Total income climbed to Rs 747.36 crore from Rs 485.03 crore in the preceding fiscal year, marking a 54% year-on-year increase. Profit After Tax (PAT) also saw significant improvement, rising to Rs 62.34 crore in FY2026 compared to Rs 37.56 crore in FY2025, representing a 66% growth.
The company intends to utilize the IPO proceeds for strengthening its financial position and supporting future expansion. Approximately Rs 360 crore of the net proceeds will be allocated toward repaying or prepaying certain outstanding borrowings. The balance of the funds is earmarked for general corporate purposes to enhance operational capabilities.
Anchor Investment and Corporate Background
LEAP India successfully attracted substantial interest from anchor investors, raising Rs 743.6 crore on August 6 ahead of the public issue. Forty-six million equity shares were allotted to these marquee participants at the issue price of Rs 159 per share.The company is backed by global investment firm KKR, which acquired a majority stake in LEAP India in 2023 as part of its Asia infrastructure investment strategy. As of March 31, 2026, LEAP India maintained a strong network comprising over 1,000 clients and employed 419 permanent staff.
Analyst View: A Long-Term Play
Regarding the offering’s valuation, Anand Rathi Research assesses LEAP India at 113.6x FY26 earnings and 21.8x EV/EBITDA at the upper band of the price range. This places the post-issue market capitalization estimate around Rs 7,004.5 crore.The brokerage notes that while the company is well-positioned to benefit from the increasing formalisation of supply chains and its international expansion strategy, the IPO is aggressively priced, particularly given the firm’s assessment of a 6.19% Return on Equity (ROE). Consequently, Anand Rathi has assigned a Subscribe - Long Term rating, advising that the issue may be better suited to investors with an extended investment horizon rather than short-term traders.
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