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Leap India Ltd IPO
Leap India Ltd
₹14,194 /94 sharesMinimum investment
IPO details
Minimum investment
₹14,194
Price range
₹151 - ₹159
Lot size
94
Issue size
2,480 Cr
Face value
1
IPO document
Subscription rate
Data will be available soon
Schedule
7 Aug 2026
IPO open date
11 Aug 2026
IPO close date
12 Aug 2026
Allotment date
12 Aug 2026
Funds unblock or debit
14 Aug 2026
Tentative listing date
About
Founded in
2013
MD/CEO
Mr Sunu Mathew
Parent organisation
Leap India Ltd
LEAP India Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company had 14.70 million assets as of March 31, 2026, up from 7.92 million in March 2024. Its network comprised 10,100 customer touchpoints and 29 fulfilment centres across India, allowing it to deploy and retrieve pallets and other assets across customer locations.
According to the F&S Report, the company claims to be the largest on-demand asset pooling provider in India based on the number of pooled assets. It also claims to be the only player currently operating at a considerable scale and at a national level in India’s pallet pooling segment.
The company had more than 1,000 customers as of March 31, 2026, compared with more than 500 in March 2024. Its customer base includes companies such as Hindustan Coca-Cola Beverages, Marico, Daikin Airconditioning India, Panasonic Life Solutions India, Haier Appliances India and Daimler India Commercial Vehicles, while churn among its top 100 customers was 0% in FY26.
The company uses passive RFID for tracking containers and IoT-enabled systems for monitoring forklift movements. It also operates the MyLEAP platform and in-house applications for asset audits, inventory management, RFID tracking, and proof of delivery, while using AI and machine learning algorithms to forecast pallet demand.
The company offers a combination of pallets, containers, and material handling equipment, including forklifts, pallet trucks, reach trucks, and stackers. Its acquisition of CHEP India in January 2025 expanded its asset pooling network and strengthened its presence in the container segment.
The company has received an A (Stable) credit rating from India Ratings, according to the prospectus. Its Chairman, Managing Director, and CEO, Sunu Mathew, has over 26 years of experience, while the senior management team has an average of 27 years of industry experience.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 364.97 crore in FY24 to Rs 466.47 crore in FY25 and Rs 729.53 crore in FY25. PAT increased from Rs 37.17 crore to Rs 37.56 crore and Rs 62.34 crore during the same period.
A significant portion of the company’s revenue is dependent on its pallet business. Pallets contributed Rs 453.57 crore (62.17%), Rs 316.74 crore (67.90%) and Rs 263.62 crore (72.23%) to revenue from operations in FY26, FY25 and FY24, respectively. Any adverse developments in the pallet pooling market, including changes in customer preferences, increased competition, regulatory changes, or technological disruptions, could adversely affect the company’s business, and profitability.
The company is dependent on a concentrated base of suppliers and service providers. Its top 10 suppliers and service providers accounted for Rs 464.31 crore (63.27%), Rs 263.02 crore (60.00%) and Rs 270.59 crore (77.00%) of total purchases in FY26, FY25 and FY24, respectively. Any loss or disruption involving these suppliers, or inability to source alternative suppliers of comparable quality on commercially acceptable terms, could adversely affect the company’s operations and financial performance.
Pooling asset losses and inadequate asset recovery controls could result in additional costs and adversely affect the company’s financial performance. The company recorded impairment losses on assets that were lost and not recovered from customers of Rs 2.83 crore, Rs 5.24 crore, and Rs 5.35 crore in FY26, FY25, and FY24, respectively. Any increase in asset losses, inadequate tracking or recovery of assets, or damage requiring assets to be scrapped could result in additional asset replacement, repair, and write-down costs, adversely affecting the company’s profitability and cash flows.
The company has a significant amount of trade receivables, exposing it to customer payment and collection risks. Trade receivables increased from Rs 143.62 crore in FY24 to Rs 199.15 crore in FY25 and Rs 262.32 crore in FY26, representing 39.35%, 42.69% and 35.96% of revenue from operations, respectively. The company also states that the integration of customers acquired through SKAN Marine and CHEP India contributed to delays in collections. Any significant delay or default in customer payments could adversely affect the company’s working capital, cash flows, and financial condition.
Certain of the company’s cash credit and bank overdraft facilities are repayable on demand, which could create liquidity pressure if lenders recall them. As of March 31, 2026, March 31, 2025 and March 31, 2024, the company had cash credit and bank overdraft facilities of Rs 13.67 crore, Rs 2.58 crore and Rs 20.69 crore, respectively, which are not subject to fixed repayment schedules and may be recalled by lenders at any time. Any inability to generate sufficient funds at short notice to repay these facilities could require the company to refinance them at higher interest rates, which could adversely affect its financial condition and cash flows.
The company has contingent liabilities relating to income tax and indirect tax matters that could result in financial outflows if they materialise. As of FY26, the Group had contingent liabilities of Rs 7.74 crore, comprising Rs 5.91 crore of income tax matters and Rs 1.83 crore of indirect tax matters, compared with Rs 9.03 crore in FY25 and Rs 0.11 crore in FY24. If any of these materialise, it could adversely affect the company’s financial condition and results of operations.
The company, its director, promoter, and members of senior management are involved in outstanding litigation. Any adverse outcome in these proceedings could adversely affect the company’s reputation, business, financial condition, cash flows and results of operations.
The company has significant outstanding borrowings, including variable-rate debt, which exposes it to repayment and interest rate risks. As of June 30, 2026, the company and its subsidiaries had aggregate outstanding borrowings of Rs 1,023.20 crore, comprising Rs 973.14 crore of long-term borrowings and Rs 50.06 crore of short-term borrowings. Of the long-term borrowings, Rs 742.31 crore comprised term loans carrying variable interest rates. Any increase in interest rates or inability to service these borrowings could adversely affect the company’s financial condition, cash flows, and profitability.
Application details
For LEAP India IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹151 - ₹159 | Upto ₹2 Lakhs | 94 |
| High Networth Individual | ₹151 - ₹159 | ₹2 - ₹5 Lakhs | 94 |