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Logistics solutions firm LEAP India Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹2,400 crore through an Initial Public Offering (IPO). The public issue will include a fresh issue of shares worth ₹400 crore and an offer for sale (OFS) of ₹2,000 crore.
KKR-Backed Promoter to Lead OFS
The OFS will be primarily driven by Vertical Holdings II Pte. Ltd., a promoter entity backed by global investment firm KKR, which is set to divest shares worth around ₹1,998.6 crore. Another promoter group entity, KIA EBT Scheme 3, will offload shares worth ₹13.8 crore.
Promoted by Sunu Mathew and Vertical Holdings II, LEAP India has emerged as one of India’s key logistics and material-handling solution providers. The company specializes in pallet pooling, container pooling, and related supply chain solutions, catering to FMCG, pharma, and e-commerce sectors.
Lead Managers and Pre-IPO Placement
The issue is being managed by JM Financial, Avendus Capital, IIFL Capital, and UBS Securities, with MUFG Intime India acting as registrar.
The company is also considering a pre-IPO placement of up to ₹80 crore. If executed, this will proportionally reduce the size of the fresh issue.
Utilization of IPO Proceeds
The net proceeds from the fresh issue will be allocated towards:
- Business expansion
- Debt repayment
- General corporate purposes
Corporate Restructuring Ahead of IPO
In July 2025, LEAP India transitioned into a public limited company and appointed independent directors, strengthening its corporate governance structure ahead of its IPO plans.
Financial Performance
LEAP India reported a 28% year-on-year growth in revenue, reaching ₹466 crore in FY25, up from ₹365 crore in FY24. However, the company’s profit after tax (PAT) remained largely flat at ₹37.5 crore in FY25.
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