Leap India Files ₹2,400 Cr IPO Papers with SEBI
The public offer is a mix of a fresh issue of equity shares worth up to ₹400 crore and an offer-for-sale (OFS) of up to ₹2,000 crore
Mumbai: Mumbai-based logistics assets (pallets, forklifts) solution provider Leap India has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a ₹2,400 crore initial public offering (IPO).
The public offer is a mix of a fresh issue of equity shares worth up to ₹400 crore and an offer-for-sale (OFS) of up to ₹2,000 crore. Proceeds from the fresh issue, including ₹300 crore, will be used for repayment of certain borrowings, while the remainder will go toward working capital requirements. Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3 are the selling shareholders in the OFS.
Incorporated in 2013, Leap India operates under a “share and reuse” business model, also known as pooling, and is the largest on-demand logistics asset pooling provider in India’s supply chain management sector. Pallets are flat carrier structures that support goods in a stable manner while being handled by forklifts, pallet jacks, or conveyors.
As of March 31, 2025, the company has over 900 customers, including Panasonic Life Solutions India, Marico Ltd, Haier Appliances, Hindustan Coca-Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi. Its pooling assets are integrated into customer supply chains, making switching providers difficult, the company noted in its DRHP.
Leap India owns 13.57 million assets and has a pan-India network of 7,747 customer touchpoints and 30 fulfilment centres for storage, maintenance, repair, and rapid deployment of assets as of May 31, 2025. The company is also a major player in forklift rentals and the lithium-ion segment of material handling equipment (MHEs).
JM Financial, IIFL Capital Services, UBS Securities India, and Avendus Capital are the book-running lead managers for the issue.
