Upcoming IPO: Leap India Files DRHP with SEBI for ₹2,400 crore IPO
One of India’s largest on-demand asset pooling providers, Leap India, filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 29, 2025, to launch a ₹ 2,400 crore Initial Public Offering (IPO).
IPO Structure and Details
- The proposed issue is a combination of a fresh issue of ₹400 crore and an offer for sale of ₹20,000 crore by promoters Vertical Holdings II Pte. Ltd. and KIA E Scheme 3
- Book-running lead managers for the IPO are JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and UBS Securities India Private Limited.
- MUFG Intime India Private Limited is the registrar to the issue.
Utilisation of Funds
The company intends to use the IPO proceeds towards the following objectives:
- Repay/prepay outstanding debt availed by the company
- General corporate purposes
Financial Performance
Leap India’s revenue from operations grew steadily over the past three years, rising from ₹253.37 crore in FY 2023 to ₹364.97 crore in FY 2024 and further to ₹466.47 crore in FY 2025.
Furthermore, the company’s net profit increased significantly from ₹9.01 crore in FY 2023 to ₹37.17 crore in FY 2024, and then declined slightly to ₹35.76 crore in FY 2025.
Company Profile
Leap India operates on a ‘share and reuse’ model, known as pooling, through which they provide pallets, containers, and material handling equipment for supply chain operations using forklifts, pallet jacks, or conveyors.
Based on the number of pooled assets, Leap India is the largest on-demand asset pooling provider in India’s supply chain management sector. As of May 31, 2025, the company has 13.57 million assets and maintains a pan-India network of 7,747 customer touchpoints.
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