LEAP

80.6% Offer for Sale structure signals promoter exit rather than growth funding, reducing long-term investor confidence despite anchor lock-ins.

KKR association provided initial credibility but failed to prevent 5.3% intraday decline, proving market prioritizes fundamentals over sponsor reputation in mature IPO environment.

Weak retail subscription (1.71x) vs strong QIB (16.84x) suggests concentrated institutional ownership may lead to higher volatility on block trades.