Business Profile of Leap India Limited
Leap India was incorporated in 2013 and leading of returnable packaging and supply chain logistics assets in India. The company offers services including inventory management, returnable packaging, equipment pooling and repair & maintenance across industries like e-commerce, automotive, consumer durables and FMCG. A majority stake in LEAP India in 2023 acquired by global investment firm KKR to make better infrastructure in Asia region. The company has 13.57 million assets and operates a pan-India network of 7,747 customer touchpoints and serves more than 900 clients across diverse sectors, as on May 31, 2025. Panasonic Life Solutions India Pvt Ltd, Marico Ltd and many others large players in Indian market are in company customer list.
Objective of Leap India Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 1.00 each aggregating up to ₹ 4,000.00 million and OFS consists XXXX shares at face value of ₨ 1.00 each aggregating up to ₨20,000.00 million. There are fresh shares issues and OFS by company and main objective of company is repayment of certain borrowings and general corporate expense.
Details of Leap India Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 24,000.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 4,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 20,000.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Leap India Limited IPO: Issue Price & Size
The issue price of LEAP INDIA LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 24,000.00 million at the price of ₨XXXX.
Launch Date of Leap India Limited IPO
The IPO opening date of LEAP INDIA LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Leap India Limited
| Particulars | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Income | |||
| Revenue from operations | 4,664.72 | 3,649.71 | 2,533.67 |
| Other income | 185.59 | 69.73 | 47.98 |
| Total income | 4,850.31 | 3,719.44 | 2,581.65 |
| Expenses | |||
| Purchase of stock – in – trade | 117.86 | 96.36 | 53.57 |
| Changes in inventories of stock – in – trade | ( 2.44 ) | 4.12 | ( 3.12 ) |
| Employee benefits expense | 896.05 | 624.07 | 321.20 |
| Finance costs | 680.11 | 506.02 | 424.42 |
| Depreciation , amortisation and impairment expenses | 1,537.29 | 1,126.09 | 740.28 |
| Other expenses | 1.100.87 | 895.71 | 947.08 |
| Total expenses | 4,329.74 | 3,252.37 | 2,483.43 |
| Profit before tax | 520.57 | 467.07 | 98.22 |
| Tax expense | |||
| ( i ) Current tax | 9.39 | 0.19 | 3.10 |
| ( ii ) Deferred tax | 135.60 | 95.14 | 5.01 |
| Total tax expense | 144.99 | 95.33 | 8.11 |
| Net profit for the year | 375.58 | 371.74 | 90.11 |
Key financial ratios of Leap India Limited
| Particulars | Fiscal 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | |
| KPIs | Units | Pro Forma | Consolidated | ||
| Total Income | million | 6,858.91 | 4,850.31 | 3,719.44 | 2,581.65 |
| Asset Pooling | million | 5,399.30 | 3,842.20 | 2,992.79 | 2,457.95 |
| Material Handling Equipment Pooling | million | 886.74 | 886.74 | 675.83 | 75.72 |
| Others | million | 572.87 | 121.37 | 50.82 | 47.98 |
| EBITDA | million | 3,247.97 | 2,737.97 | 2,099.18 | 1,262.92 |
| EBITDA Margin | % | 47.35 % | 56.45 % | 56.44 % | 48.92 % |
| PAT | million | 482.51 | 375.58 | 371.74 | 90.11 |
| Cash PAT | million | 2,367.68 | 1,912.87 | 1,497.82 | 830.39 |
| Cash PAT Margin | % | 34.52 % | 39.44 % | 40.27 % | 32.17 % |
| Debt to Equity | Times | 0.87 | 0.87 | 0.72 | 0.62 |
| Return on Equity | % | 5.91 % | 4.60 % | 5.79 % | 1.67 % |
| Cash Return on Equity | % | 29.02 % | 23.45 % | 23.34 % | 15.38 % |
| Return on Capital Employed ( by EBITDA ) | % | 21.36 % | 18.01 % | 20.33 % | 14.96 % |
Promoters & Shareholding Leap India Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 95.62% shareholding in company.
| Name of Shareholders | Number of Equity Shares | Percentage of Equity share |
| Promoters | ||
| Sunu Mathew | 87,655,036 | 21.34 |
| Vertical Holdings II Pte. Ltd. | 303,738,036 | 73.94 |
| Total ( A ) | 391,393,072 | 95.28 |
| Members of Promoter | ||
| Matyas Possessiones Private Limited | 1,212,608 | 0.30 |
| KIA EBT Scheme trustee , Catalyst | 209,332 | 0.05 |
| Total ( B ) | 1,212,608 | 0.35 |
| Total ( A + B ) | 392,815,012 | 95.62 |
Should You Subscribe To Leap India Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Leap India Limited IPO
Largest asset pooling company
Leap India Ltd. is largest on-demand asset pooling provider in India’s supply chain management sector (based on number of pooled Assets). The company has 13.57 million Assets on offer and network spans 7,747 customer touch points and 30 fulfilment centres (which are centres to facilitate the storage, maintenance, repair, and rapid deployment of our Assets to our customers) as of May 31, 2025. The company is only in India currently operating at a considerable scale and at a national level in the pallet pooling segment.
Robust supply chain management
The company is building efficient supply chain by directly addressing the key challenges faced by our customers. The pooling solutions of company enable customers to operate through an asset-light model, where they can hire and de-hire Assets saving capital expenditure that could be reinvested into their primary businesses. It reduces the risk of product damage, and supports efficient stacking and storage in warehouses.
Highly resilient business model
The business of company is anchored by a diverse end-use customer base that spans multiple high-growth and stable sectors, including FMCG, F&B, 3PL, e-commerce and quick commerce, automotive and industrials and others. . In customers list of company include Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Toll (India) Logistics Private Limited, and Daikin Air conditioning India Private Limited etc. This sectoral diversification not only supports consistent asset utilization throughout the year but also allows company to balance demand across different business cycles, maximizing operational efficiency and reducing exposure to sector-specific risks.
Efficient asset management capabilities
The company has implemented tracking systems for the benefit of its customers which is accessible through the MyLEAP platform, a digital portal that offers customers a user-friendly interface for real-time asset tracking, inventory management, and access to relevant pallet-related information and actions. Further, company has Docket System, which is used to monitor Asset which helps in balance asset inventory for pooling availability across its network.
Risk Factors of Leap India Limited IPO
Top client loss threat
The company usually enters into long term recurring contracts with customers. The success depends on company ability to generate repeat customer use and increase the size of business from its existing customers, while renewing the terms of the agreements entered into with customers. If customers do not renew their agreements with company, or expand the scope of services then company business, financial condition, results of operations and cash flows could be adversely impacted.
Counterparty credit risk
The company is exposed to counterparty credit risk. Macroeconomic conditions, such as a credit crisis in the global financial system, and global economic uncertainty could lead to deterioration in customers’ financial condition and results of operations. Any inability to collect receivables on time or at all and defaults in payment from customers could reduce company profits and affect cash flows.
Maintenance cost
The company is responsible for ensuring that all Assets, and in particular pooled Assets, are thoroughly inspected, cleaned, and, when necessary, repaired to meet strict quality standards before being reissued to customers. When these Assets are deemed unsuitable for repair, company must remove them from the repair process and scrap them. Any increases in maintenance may result in additional expenses and could negatively affect financial performance of company.
Dependency on suppliers
The company had a base of 381 suppliers and company dependency on suppliers and service providers (top ten suppliers and service providers contributed 60.00% of company total purchases in Fiscal 2025) in relation to operations. Any loss of suppliers or interruptions in the timely delivery of supplies and services could have an adverse impact on company business, financial condition, cash flows and results of operations.
Leap India Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the LEAP INDIA LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
