LEAP India IPO Day 2: GMP, Subscription, Price Band, Review and Should You Apply?

LEAP India IPO is open for subscription from August 7 to August 11, 2026, giving investors an opportunity to participate in one of India's largest supply chain asset pooling and logistics solutions companies. The ₹2,480 crore Mainboard IPO comprises a fresh issue of ₹480 crore and an Offer for Sale (OFS) of ₹2,000 crore. The fresh issue proceeds are primarily intended for repayment or prepayment of borrowings, while the OFS will allow existing shareholders to sell part of their holdings.

The IPO comes at a time when demand for organized supply chain infrastructure, reusable logistics assets and warehousing solutions is increasing across sectors such as FMCG, e-commerce, automotive, food and beverages and third party logistics. The company has a customer base of more than 1,000 companies and is backed by global investment firm KKR. Meanwhile, the latest Grey Market Premium has moderated to ₹12, pointing to an estimated listing price of ₹171 at the upper price band.

LEAP India IPO Details

Particulars	Details
IPO Type	Book Built Issue
IPO Size	₹2,480 Crore
Fresh Issue	₹480 Crore
Offer For Sale	₹2,000 Crore
IPO Opens	August 7, 2026
IPO Closes	August 11, 2026
Allotment	August 12, 2026
Listing Date	August 14, 2026
Price Band	₹151 to ₹159 per share
Face Value	₹1
Lot Size	94 Shares
Minimum Investment	₹14,946
Listing Exchange	BSE & NSE

The issue consists of approximately 3.02 crore fresh shares aggregating to ₹480 crore and approximately 12.58 crore shares through the OFS aggregating to ₹2,000 crore. The IPO is scheduled to list on both BSE and NSE on August 14, 2026.

LEAP India IPO GMP Today

The LEAP India IPO GMP stands at ₹12 as of August 10, 2026, at 5:35 PM. With the upper price band fixed at ₹159, the estimated listing price based on the latest GMP is around ₹171 per share, implying an estimated gain of 7.55% over the upper issue price.

The latest GMP has declined from ₹16 on August 9 and ₹19.5 on August 6, showing some moderation in grey market sentiment. However, the premium remains positive, indicating that the unofficial market continues to indicate a listing above the issue price.

LEAP India IPO GMP Trend

GMP Date	IPO Price	GMP	Estimated Listing Price	Estimated Profit per Lot
10 Aug 2026	₹159	₹12 🔻	₹171 (7.55%)	₹1,128
09 Aug 2026	₹159	₹16 ➖	₹175 (10.06%)	₹1,504
08 Aug 2026	₹159	₹16 ▲	₹175 (10.06%)	₹1,504
07 Aug 2026	₹159	₹15 🔻	₹174 (9.43%)	₹1,410
06 Aug 2026	₹159	₹19.5 ▲	₹178.5 (12.26%)	₹1,833
05 Aug 2026	₹159	₹3 ➖	₹162 (1.89%)	₹282
04 Aug 2026	₹159	₹3 🔻	₹162 (1.89%)	₹282
03 Aug 2026	₹159	₹4 🔻	₹163 (2.52%)	₹376
02 Aug 2026	₹0	₹8 ➖	₹8 (0.00%)	₹0

Note: ▲ indicates that the GMP increased compared with the previous available day, 🔻 indicates that the GMP declined and ➖ indicates no change. GMP is unofficial and can change before listing.

Disclaimer: GMP is sourced from grey market dealers and is indicative only. Investors should conduct their own due diligence before investing.

LEAP India IPO Subscription Status

The LEAP India IPO was subscribed 0.52 times overall as of August 10, 2026, at 5:07 PM, marking Day 2 of the bidding process. The QIB portion was subscribed 0.64 times, while the NII category reached 0.53 times and the retail category stood at 0.43 times. The employee portion was subscribed 3.11 times.

Category	Subscription
QIB (Ex Anchor)	0.64x
Retail Investors	0.43x
NII	0.53x
Employee	3.11x
Overall	0.52x

The IPO had received 2,21,549 applications as of the latest subscription update provided.

About the Company

Founded in 2013, LEAP India is India's largest asset pooling and supply chain solutions company, providing reusable logistics equipment and technology enabled supply chain services. The company specializes in pallet pooling, returnable packaging, inventory management, transportation, repair and maintenance, helping businesses manage logistics assets across their supply chains.

Its product portfolio includes wooden pallets, reusable containers, forklifts, articulated forklifts and very narrow aisle forklifts, with customers across FMCG, food and beverages, e-commerce, quick commerce, automotive, industrial manufacturing and third party logistics.

The company had partnerships with more than 1,000 customers as of March 31, 2026, including Hindustan Coca Cola Beverages, Marico, Toll India Logistics, Daikin Airconditioning India and Panasonic Life Solutions India. KKR acquired a majority stake in the company in 2023.

LEAP India Financial Performance

LEAP India has reported strong improvement in its financial performance, with total income increasing from ₹485.03 crore in FY25 to ₹747.36 crore in FY26, while PAT increased from ₹37.56 crore to ₹62.34 crore.

Financials (₹ Crore)	FY26	FY25	Growth
Total Income	₹747.36 Cr	₹485.03 Cr	+54%
Profit After Tax	₹62.34 Cr	₹37.56 Cr	+66%
EBITDA	₹378.83 Cr	₹273.80 Cr	+38%
Net Worth	₹1,006.33 Cr	₹917.35 Cr	+10%
Total Assets	₹2,401.05 Cr	₹2,042.46 Cr	+18%
Total Borrowings	₹1,017.73 Cr	₹801.66 Cr	+27%

The financial performance shows strong growth in revenue and PAT, although borrowings have also increased. The company plans to use ₹360 crore from the fresh issue to repay or prepay certain borrowings.

Objects of the IPO

The company proposes to use the net proceeds from the fresh issue primarily toward reducing its debt.

Purpose	Amount
Repayment / Prepayment of Borrowings	₹360 Crore
General Corporate Purposes	Remaining Amount

The company has specifically earmarked ₹360 crore toward repayment or prepayment, in full or in part, of certain borrowings.

LEAP India IPO Reservation

Category	Reservation
Qualified Institutional Buyers	50%
Retail Investors	35%
Non Institutional Investors	15%

The net offer allocation consists of 50% for QIBs, 15% for NIIs and 35% for retail investors.

LEAP India IPO Lot Size

Application	Lots	Shares	Investment
Retail Minimum	1	94	₹14,946
Retail Maximum	13	1,222	₹1,94,298
Small HNI Minimum	14	1,316	₹2,09,244
Small HNI Maximum	66	6,204	₹9,86,436
Big HNI Minimum	67	6,298	₹10,01,382

The minimum application is 94 shares, while investors can apply in multiples of the lot size.

LEAP India IPO Valuation

The IPO has a post issue market capitalisation of approximately ₹7,004.53 crore at the upper price band. The post issue P/E ratio is estimated at around 111.97 times, compared with 104.61 times on a pre issue basis.

Valuation Metric	Pre IPO	Post IPO
EPS	₹1.52	₹1.42
P/E	104.61x	111.97x
Market Cap at Offer Price	₹6,525 Cr	₹7,004.53 Cr

This makes valuation one of the key factors investors need to consider alongside the company's growth prospects and business positioning.

Key Strengths

• Large scale asset pooling and supply chain solutions business.
• More than 1,000 customers across multiple industries.
• Presence across FMCG, food and beverages, automotive, e-commerce and 3PL.
• Reusable logistics assets support a sustainability focused business model.
• Strong FY26 revenue and PAT growth.
• Majority backed by KKR.
• Established customer relationships and asset infrastructure.
• Fresh IPO proceeds are expected to reduce borrowings.

Should You Apply for the LEAP India IPO?

LEAP India offers exposure to India's expanding supply chain infrastructure and logistics asset pooling market. The company has demonstrated strong growth in revenue and PAT, has a large customer base and operates across industries benefiting from organized logistics, e-commerce, manufacturing and warehousing expansion.

However, valuation remains a major consideration. At the upper price band, the post issue P/E is around 111.97 times, while the latest GMP has moderated to ₹12 from ₹19.5 on August 6. The company also has significant borrowings, making the planned debt reduction an important part of the IPO proposition. Investors should therefore evaluate the company's financial growth, valuation, debt position, business scalability and risks before making an investment decision.