LEAP India IPO
Last updated:
LEAP India IPO Price Range is ₹151 - ₹159, with a minimum investment of ₹14,946 for 94 shares per lot.
Subscription Rate
8.38x
as on 11 Aug 2026, 07:31PM IST
Minimum Investment
₹14,946
/ 94 shares
IPO Status
Price Band
₹151 - ₹159
Bidding Dates
Aug 7, 2026 - Aug 11, 2026
Issue Size
₹2,480.00 Cr
Lot Size
94 shares
Min Investment
₹14,946
Listing Exchange
BSE
IPO Doc
LEAP India IPO Application Timeline
IPO Subscription Status
as on 11 Aug 2026, 07:31PM IST
IPO subscribed over
🚀 8.38x
This IPO has been subscribed by 1.711x in the retail category and 16.839x in the QIB category.
Subscription Rate
| Total Subscription | 8.38x |
| Retail Individual Investors | 1.711x |
| Qualified Institutional Buyers | 16.839x |
| Non Institutional Investors | 12.638x |
LEAP India IPO: What’s Behind the Logistics Story?
LEAP India is a leading pallet and container rental company that helps businesses move and store goods without buying these assets themselves. This short video breaks down how LEAP makes money, its asset-pooling model, growth story, and why its 90% share of India’s pallet rental market makes it stand out. Simple insights for retail investors who want to understand the business behind LEAP India’s IPO.
Objectives of IPO
- The total size of LEAP's IPO is up to ₹2,480 crore. It has two parts. The first is a fresh issue of up to ₹480 crore, where the company creates and sells new shares. The second is an offer for sale (OFS) of up to ₹2,000 crore, where existing shareholders sell some of their own shares. The money raised through the fresh issue will go to LEAP to support its business and growth. However, the company will not receive any money from the offer for sale, as those proceeds will go directly to the selling shareholders. These include Vertical Holdings II Pte. Ltd., which is selling shares worth up to ₹1,998.62 crore, and KIA EBT Scheme 3, which is selling shares worth up to ₹1.38 crore. The fresh issue proceeds will be used for the following purposes.
- LEAP plans to use ₹360.00 crore from the fresh issue to repay part of its borrowings. As of June 30, 2026, the company had total consolidated debt of ₹1,023.20 crore. This includes term loans (loans repaid over a fixed period) and working capital loans (short-term borrowing used for day-to-day operations) from various banks. Reducing this debt should lower interest costs and free up more cash for future growth.
- The remaining fresh issue proceeds will be used for general business needs. This includes buying fixed assets (such as machinery and property), supporting business expansion plans, paying for insurance, repairs and maintenance, taxes, and meeting other day-to-day operating expenses.
Financial Performance of LEAP India
LEAP's operating revenue grew strongly over the last three years, rising from ₹364.97 crore to ₹729.53 crore. This growth was driven by higher customer demand, more assets being deployed, price increases, and a major boost from the acquisition of CHEP India in January 2025. Net profit also increased overall, from ₹37.17 crore to ₹62.34 crore. Profit remained almost flat in FY25 because of higher employee costs from senior hiring, increased interest expenses on borrowings, and higher tax costs related to aligning the tax base of the acquired business. However, profit picked up sharply in FY26 as the business scaled up and the company benefited from tax credits from earlier years.
To support this growth, LEAP continued investing in its business. Its total assets increased from ₹1,400.28 crore to ₹2,401.05 crore, while borrowings rose from ₹513.07 crore to ₹1,017.73 crore. The higher debt in FY25 was mainly used to fund the acquisition of CHEP India, while the increase in FY26 supported working capital needs and ongoing business expansion.
Margins (the percentage of revenue kept as earnings) saw some ups and downs during this period. The EBITDA margin (earnings before interest, taxes, depreciation, and amortisation as a share of revenue) stayed stable at around 56.4% in FY24 and FY25 but declined to 50.69% in FY26. This was mainly due to higher operating costs, including employee salaries, contract labour, and logistics and software expenses related to the CHEP integration. Similarly, the net profit margin fell from 9.99% in FY24 to 7.74% in FY25 because of integration costs, higher interest expenses, and senior hiring, before improving to 8.34% in FY26 as the business became more efficient at a larger scale.
Strengths and Risks
Strengths
LEAP is the clear leader in India's pallet pooling market, with a 90.00% market share. It manages a fleet of 14.7 million assets in circulation. Building a network of this size takes years, making it very difficult for new competitors to catch up.
The company has been consistently profitable since 2020. Its net profit increased from ₹37.17 crore in FY24 to ₹62.34 crore in FY26. This steady improvement reflects a healthy business with strong financial fundamentals.
LEAP serves more than 1,000 large customers. Since its rental assets are deeply woven into their supply chains, changing providers is not easy. As a result, the customer churn rate (the percentage of customers who stop using its services) among its top 100 clients fell to 0.00% in FY26.
As of March 31, 2026, LEAP operated 29 fulfilment centres and over 10,100 touchpoints across India. This wide network helps it deliver, collect, and reuse rented assets efficiently while keeping transportation costs under control through reverse logistics (bringing used assets back for reuse).
Its forklift leasing subsidiary, TARON, is India's second-largest player, with a 28.7% market share in FY26. TARON's revenue grew to ₹116.60 crore in FY26, providing an additional boost to the group's overall business.
LEAP keeps most of its rental assets in active use. Its pallet utilization rate (the percentage of assets earning rental income) improved from 87.75% in FY24 to 89.34% in FY26. Higher utilization helps the company generate stable and predictable cash flows.
Risks
LEAP relies heavily on one business segment. In FY26, pallet rentals contributed ₹453.57 crore, or 62.17% of its total revenue. If demand for pallets slows, it could have a significant impact on the company's revenue and overall performance.
As of June 30, 2026, LEAP had consolidated debt of ₹1,023.20 crore. These loans also come with covenants (conditions set by lenders), which may limit the company's flexibility to raise more funds or respond quickly to changing business conditions.
LEAP's business requires significant day-to-day funding to operate. Its working capital (money needed for daily operations) increased from ₹110.98 crore in FY24 to ₹209.22 crore in FY26. If this is not managed well, it could slow expansion and put pressure on cash flows.
The company also faces the risk of customers paying late. Its provision for doubtful receivables (money set aside for bills that may not be collected) increased from ₹10.53 crore in FY24 to ₹37.37 crore in FY26. Delayed payments can reduce profits and tighten cash flows.
The company depends on a relatively small group of suppliers for its assets. In FY26, its top ten suppliers accounted for 63.27% of total purchases. Any disruption or delay from these suppliers could affect operations and slow future growth.
Since LEAP rents out physical assets, it must regularly inspect, repair, and maintain them. These maintenance costs rose from ₹29.50 crore in FY24 to ₹39.83 crore in FY26. If these expenses continue to rise, they could put pressure on profit margins.
LEAP imports forklifts from China, making it vulnerable to geopolitical tensions, import restrictions, and customs delays. A weaker Indian Rupee also increases import costs, which could reduce profit margins if the company is unable to pass those higher costs on to customers.
How to Apply for LEAP India IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on LEAP India IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
LEAP India Shareholding Pattern
| Promoters & Promoter Group | 95.42% | |
| Name | Role | Stakeholding |
| Vertical Holdings II Pte. Ltd. | Promoter | 73.78% |
| Sunu Mathew | Promoter | 21.07% |
| Matyas Possessiones Private Limited | Promoter Group | 0.29% |
| Akshat Mathew | Promoter Group | 0.22% |
| KIA EBT Scheme 3 (acting through its trustee, Catalyst Trusteeship Limited) | Promoter Group | 0.05% |
| Public | 4.58% | |
| Name | Role | Stakeholding |
| Sixth Sense India Opportunities III | Public | 1.41% |
| First Bridge India Growth Fund | Public | 1.21% |
| Madhurima International Private Limited | Public | 1% |
| Others | 0.97% |
About LEAP India
Instead of factories spending a lot of money buying, tracking, and repairing these assets, LEAP follows a smart share-and-reuse rental model. It buys high-quality wood from Europe and Oceania, manufactures pallets, and rents them to businesses. Once a customer is done using them, LEAP collects the pallets, repairs them if needed, and rents them out again. This circular system is known as asset pooling.
LEAP serves more than 1,000 large companies, including Hindustan Coca-Cola Beverages and Marico, across India. It operates through 29 rental stations (fulfilment centres) and over 10,100 delivery locations (touchpoints). As of June 2026, its rental fleet includes more than 14.7 million assets, giving it a dominant 90% share of India's pallet rental market. Companies prefer renting because it reduces upfront costs, saves warehouse space, removes maintenance hassles, and is better for the environment. By reusing pallets, LEAP has helped save around 2.1 million trees as of June 2026.
LEAP earns rental income by charging customers either on a daily basis or per trip. In FY26, it reported total revenue of ₹729.53 crore. Pallet rentals are its biggest business, contributing ₹453.57 crore, or 62.17% of its operating revenue. Its subsidiary, TARON, also earns ₹115.18 crore by renting out forklifts.
LEAP plans to grow by improving its asset tracking technology using RFID (radio-frequency identification) and IoT (internet-connected devices). It is also expanding internationally by setting up operations in Saudi Arabia and the UAE, strengthening its presence in the Middle East.
For more details, visit here: https://www.leapindia.net
Know more about LEAP India
LEAP India IPO Listing: Small Premium, Bigger Valuation Question
LEAP India IPO listed at ₹165.9, a 4.34% premium. See what the listing means, post-listing valuation, and key investor watchpoints.
LEAP India IPO Allotment Status: Check on MUFG Intime, BSE & NSE
Check LEAP India IPO allotment status on MUFG Intime, BSE and NSE. See allotment date, subscription, GMP update and what happens next.
LEAP India IPO Review: Is India's 90% Market Leader at 112x P/E Worth Investing In?
LEAP India IPO review with business analysis, valuation, risks, growth outlook, and the GMP context for retail investors.
Frequently Asked Questions of LEAP India IPO
What is the size of the LEAP India IPO?
What is the allotment date of the LEAP India IPO?
What are the open and close dates of the LEAP India IPO?
What is the lot size of LEAP India IPO?
When will my LEAP India IPO order be placed?
Can we invest in LEAP India IPO?
What would be the listing gains on the LEAP India IPO?
What is 'pre-apply' for LEAP India IPO?
Who are the promoters of LEAP India?
LEAP India is promoted by its founder, Chairman, and Managing Director, Mr. Sunu Mathew, along with Vertical Holdings II Pte. Ltd. Together, they own 39.05 crore equity shares, representing 94.85% of the company's pre-IPO paid-up equity share capital.
Who are the competitors of LEAP India?
LEAP India does not have any listed peer in India or globally with a similar business model and scale. It is the clear leader in India's pallet pooling market, with a 90% market share and limited direct competition. However, its forklift leasing subsidiary, TARON, competes with organised players in India, including Godrej RenTRUST.
How does LEAP India make money?
LEAP India mainly earns revenue by renting pallets and containers to large companies, charging either on a daily or per-trip basis. This business generated ₹616.88 crore in FY26. It also earns revenue by leasing forklifts and other warehouse equipment through its subsidiary, TARON, which contributed ₹115.18 crore during the year.