Fresh Issue Increased to ₹480 Crore as Logistics Firm Targets Debt Reduction and Growth
KKR-backed LEAP India Limited has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for its ₹2,480 crore initial public offering (IPO). The public issue will open for subscription on August 7, while the anchor investor portion will open on August 6. The company has fixed a price band of ₹151–₹159 per equity share.
The IPO comes months after LEAP India received SEBI’s approval in December last year and reflects growing investor interest in India’s logistics infrastructure sector.
IPO Structure
The IPO consists of a fresh issue worth ₹480 crore and an offer for sale (OFS) of ₹2,000 crore by existing shareholders.
Notably, the company has increased the size of its fresh issue from ₹400 crore, as proposed in its Draft Red Herring Prospectus (DRHP), to ₹480 crore in the final offer document.
The OFS will primarily be undertaken by Vertical Holdings II Pte. Ltd., a promoter entity backed by KKR, which plans to sell shares worth ₹1,998.6 crore. Another KKR-backed promoter entity, KIA EBT Scheme 3, will divest shares worth approximately ₹13.8 crore.
Proceeds to Strengthen Balance Sheet
According to the RHP, ₹360 crore from the fresh issue will be utilised to repay certain outstanding borrowings, while the remaining proceeds will be allocated towards general corporate purposes.
Reducing debt is expected to improve the company’s financial flexibility as it continues expanding its logistics asset network across India.
Business Overview
Founded in 2013, LEAP India operates one of India’s leading asset pooling platforms, offering pallet pooling, container pooling and material handling solutions to enterprises across multiple industries.
Its client portfolio includes companies from the FMCG, pharmaceutical, e-commerce and manufacturing sectors, helping businesses optimise supply chains while reducing logistics costs through shared infrastructure.
Strong Financial Growth
LEAP India delivered robust financial performance during FY26.
The company’s operating revenue increased 57% year-on-year to ₹730 crore, compared with ₹466 crore in FY25. Net profit also grew by more than 70% to ₹63 crore, reflecting improving operating efficiency alongside business expansion.
The strong growth trajectory comes as organised logistics infrastructure continues to witness rising demand from India’s rapidly expanding manufacturing, retail and e-commerce sectors.
Shareholding Pattern
As per the RHP, KKR-backed Vertical Holdings II Pte. Ltd. remains the company’s largest shareholder with a 73.78% stake.
Founder Sunu Mathew holds 21.07%, while Sixth Sense Ventures, First Bridge Fund, and Madhurima International Pvt. Ltd. own 1.41%, 1.21%, and 1%, respectively.
Lead Managers
The IPO is being managed by JM Financial, Avendus Capital, IIFL Capital, and UBS Securities as the book-running lead managers, while MUFG Intime India has been appointed as the registrar to the issue.
Outlook
LEAP India’s IPO marks another significant public market offering from India’s growing logistics ecosystem. Backed by KKR and supported by strong revenue and profit growth, the company is looking to strengthen its balance sheet while capitalising on increasing demand for asset-light logistics infrastructure. Investor interest will likely hinge on the company’s ability to sustain growth and expand its leadership in India’s pallet and container pooling market.
