The KKR-backed LEAP India IPO entered its third and final day of bidding on August 11, 2026, with subscription reaching 66% by the final day according to The Economic Times. The issue received bids for 5.62 crore shares against 11.49 crore shares on offer, showing improved demand compared to earlier subscription levels. The retail portion saw moderate demand with 41% subscription against the 5.74 crore shares reserved for retail investors, while the Non-Institutional Investors (NIIs) category received bids for 50% of the 2.46 crore shares reserved for the segment. However, institutional investors continued to show stronger interest, with the Qualified Institutional Buyers (QIBs) category subscribed 61% for the 3.28 crore shares offered. The issue, which opened for bidding on August 7, 2026, will close for subscription on August 11, 2026, with share allotment expected on August 12, 2026 and listing scheduled for August 14, 2026 on NSE and BSE. As per NSE data, the subscription details for Day 3 were available post 10 am on August 11, 2026.
The IPO is commanding a grey market premium (GMP) of ₹8, representing a 10.06% premium over the upper price band of ₹159 per share. Based on this premium, the estimated listing price stands at ₹172 per share, as per The Economic Times. The IPO's GMP has been on an upward trajectory, with the premium ranging between ₹3 and ₹19.50 over the past six sessions, indicating positive expectations for the stock's listing. The GMP is an unofficial indicator and can change before listing, with the premium indicating a potential 10% listing premium over the upper price band of ₹159. The issue has drawn mixed brokerage recommendations - Anand Rathi has given a 'Subscribe - Long Term' rating, noting the company is valued at P/E of 113.6x FY26 earnings and EV/EBITDA of 21.8x, while SBI Securities has assigned a 'Neutral' rating, citing aggressive pricing despite the company's strong fundamentals. Despite the premium valuation, analysts believe the IPO may be suitable for investors with a longer investment horizon rather than those seeking short-term gains.
LEAP India raised ₹743.62 crore from anchor investors ahead of its public issue, attracting participation from 32 marquee investors on August 6. The company allotted 4.67 crore equity shares to these anchor investors at the issue price of ₹159 per share, the upper end of the price band. The anchor book included several global institutional investors such as Smallcap World Fund, the Monetary Authority of Singapore, Morgan Stanley, Norway's Government Pension Fund Global, Cassini Partners, Amundi, Citigroup, Societe Generale and Goldman Sachs. Six domestic mutual funds - Axis Mutual Fund, Motilal Oswal AMC, Bank of India Mutual Fund, JM Financial Mutual Fund, ITI Mutual Fund and Groww Mutual Fund - also participated through 15 schemes, with Aditya Birla Sun Life Insurance being another investor in the anchor round. Before the IPO, KKR-backed Vertical Holdings II sold 2.33 crore shares, representing a 5.67% stake in LEAP India, for ₹371 crore through private share purchase agreements. The largest buyer in the pre-IPO transaction was Singapore sovereign wealth fund GIC's investment vehicle Gamnat Pte, which acquired 1.76 crore shares for ₹280 crore, representing a 4.27% stake in LEAP India. Additionally, LEAP India raised around ₹371.3 crore via a pre-IPO placement on August 3-4, with Singapore sovereign wealth fund GIC's subsidiary Gamnat Pte Ltd and hedge fund Dymon Asia Multi-Strategy Investment (Singapore) Pte Ltd among the investors.
The basis of allotment for LEAP India IPO will be finalised on Wednesday, August 12, 2026, as per The Economic Times. The company's shares will debut on the NSE and BSE on Friday, August 14, 2026. At the upper end of the price band, the company will command a post-issue market capitalisation of about ₹7,005 crore. JM Financial, Avendus Capital, IIFL Capital Services, and UBS Securities India are the book-running lead managers to the issue, while MUFG Intime India is the registrar. Investors can check their allotment status through NSE's allotment status page by selecting 'Equity & SME IPO bid details' and choosing 'LEAP India Ltd' under the symbol 'LEAP', or through MUFG Intime India's portal by entering application number, PAN, DP/Client ID, or Account No/IFSC details.
Founded in 2013, LEAP India runs a circular share and reuse model that lets businesses rent critical logistics assets instead of owning them outright. The company provides technology-enabled supply chain management and asset-pooling solutions to industries including FMCG, food and beverages, third-party logistics, e-commerce, quick commerce, automotive and industrial sectors. As of March 31, 2026, the company managed roughly 14.7 million revenue-generating assets across more than 10,100 customer touchpoints and has built a strong customer network of more than 1,000 clients. The company's ₹2,480 crore IPO comprises ₹480 crore through fresh issue of 3.02 crore shares and ₹2,000 crore through offer for sale of 12.58 crore shares by existing shareholders. Proceeds from the fresh issue worth ₹360 crore will be used towards debt repayment, while the remaining funds will be utilised for general corporate purposes. The company's consolidated net profit reached ₹84.68 crore and sales stood at ₹1,167.65 crore for the twelve months ended March 31, 2026. 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. Its customer list includes reputed companies such as Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Air-conditioning India, and Panasonic Life Solutions India. The company also witnessed a significant improvement in profitability, with Profit After Tax (PAT) climbing to ₹62.34 crore in FY2026, compared with ₹37.56 crore in the previous financial year, representing a 66% year-on-year growth.
