LEAP India shares dropped sharply from their listing price, falling 12.14% from their opening price to ₹145.85, representing an 8.27% discount to the IPO issue price of ₹159. The stock had made a modest debut on Friday, August 14, listing at ₹165.90 on BSE and ₹166 on NSE, representing a 4.34% premium over the IPO issue price. However, the gains were short-lived as profit-booking dragged the stock down significantly from its opening levels. The stock has seen significant volatility, hitting a high of ₹166.80 and a low of ₹154.10 during the trading session. On the BSE, over 40.13 lakh shares have been traded in the counter so far, indicating strong investor interest despite the current price movement below the listing price.
Four major institutional investors acquired over 5% equity stake in LEAP India via open market transactions on August 14, the company's listing day. US-based Capital Group-owned Smallcap World Fund Inc emerged as the largest acquirer, purchasing 88.56 lakh shares representing over 2% of paid-up equity for ₹142.77 crore at a price of ₹161.22 per share. The fund had already held a 2.52% stake in the company. The Prudential Assurance Company acquired 55.5 lakh shares (1.25% stake) for ₹85.56 crore at ₹154.16 per share, while Habrok India Master LP picked up 47 lakh shares (1.06% stake) for ₹77.67 crore at ₹165.26 per share. Aagam Investments purchased 30.6 lakh shares (0.69% stake) for ₹48.12 crore at ₹157.27 per share, and GDN Investments acquired 20 lakh shares at ₹165.9 per share, valued at ₹33.18 crore. The stock fell 8.74% to end at ₹145.1 on its listing day.
According to CNBC TV18, LEAP India has demonstrated robust financial performance with EBITDA profitability for the last 10 years and profit after tax (PAT) profitability for the past six years. The company reported revenue growth of 56.4% and profit after tax increase of 66%, rising from ₹36 crore to ₹62.34 crore in FY26. EBITDA margins have ranged between 47% and 56% over the past eight years, with management indicating potential 35-40% EBITDA growth going forward. However, profits after tax remain relatively lower due to the company owning assets worth around ₹1,650 crore, resulting in annual depreciation of nearly ₹200 crore. As per Investorgain, FY26 revenue was around ₹730-750 crore and PAT around ₹62-63 crore, with good growth momentum. The company's revenue/EBITDA/PAT clocked CAGRs of 41.4%/33.3%/29.5% during FY24–FY26, highlighting strong business momentum.
According to CNBC TV18, LEAP India is India's largest technology-enabled asset-pooling company, providing reusable pallets, containers and material handling equipment (MHE) to businesses under rental and pooling arrangements. The company manages the complete asset lifecycle, including procurement, deployment, digital tracking, retrieval, maintenance and redeployment. As of March 2026, LEAP India operated more than 14.7 million pooled assets across over 10,100 customer touchpoints, supported by 29 fulfilment centres and a customer base of more than 1,000 companies. The company commands about 90% of India's pallet-pooling market, with its pallet business contributing 62.2% of FY26 revenue. The company serves reputed customers including Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, and Daikin Air-conditioning India. Taron, its subsidiary, is recognized as the leading forklift pooling player and a leader in the lithium-ion segment of MHEs, having been the first to introduce these solutions in India.
The ₹2,480-crore IPO was a book build issue combining a fresh issue of ₹480 crore and an offer for sale (OFS) of ₹2,000 crore. LEAP India raised ₹371.3 crore in a pre-IPO placement from Singapore sovereign wealth fund GIC's subsidiary Gamnat Pte Ltd, Dymon Asia Multi-Strategy Investment (Singapore), and promoter Sunu Mathew. The company allotted 2.33 crore equity shares at ₹159 apiece in the pre-IPO round, with Gamnat Pte Ltd emerging as the largest investor with an investment of ₹280 crore, followed by Dymon Asia with ₹50 crore. Matyas Possessiones Private Limited, in which promoter Sunu Mathew owns a 99% stake, invested ₹23 crore. Under the OFS, KKR-backed Vertical Holdings II will offload shares worth around ₹1,999 crore, while the remaining shares will be sold by promoter group entity KIA EBT Scheme 3. The company plans to use ₹360 crore from the fresh issue towards repayment of debt, with the remaining proceeds earmarked for general corporate purposes. Ahead of the IPO, LEAP India raised ₹743.62 crore from 32 anchor investors through the allotment of 4.67 crore shares at ₹159 apiece, including Smallcap World Fund and Monetary Authority of Singapore.
The ₹2,480-crore IPO received strong investor response with 96.32 crore shares subscribed against 11.49 crore shares on offer, achieving an oversubscription of 8.38 times. The issue opened for subscription on August 7 and closed on August 11, with the company fixing the price band at ₹151-159 per share. The IPO comprised a fresh issue of ₹480 crore and an offer for sale (OFS) of ₹2,000 crore, with the OFS mostly by KKR-backed Vertical Holdings II. The trading debut comes in a subdued market, with the benchmark Nifty 50 index down 0.2%. Retail investors subscribed 1.71 times the shares reserved for them, on valuation concerns, analysts said. JM Financial served as the lead book-running manager, while MUFG Intime India acted as the registrar for the IPO. Vertical Holdings II sold about $39 million worth of shares in a private placement ahead of the public launch of the IPO.
