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LEAP

Mainboard · BSE listed
+4.34%
Listing gain
Price Band
₹151 – ₹159
Issue Size
₹2,480 Cr
1 lot at upper band
₹14,946
Lot Size
94
Open
07 Aug 2026
Close
11 Aug 2026
Allotment
—
Listing
14 Aug 2026

Scheduled dates

  1. Open
    07 Aug 2026
  2. Close
    11 Aug 2026
  3. Refund
    13 Aug 2026
  4. Demat credit
    13 Aug 2026
  5. Listing
    14 Aug 2026

Listing Performance

Listing Price
₹165.9
Listing Gain
+4.34%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹13 13 sessions

Subscription (times)

Latest per-category subscription · as of 11 Aug, 06:56 pm IST.

QIB 17.73x
NII 13.31x
BHNI 14.49x
SHNI 10.93x
RII 1.70x
Employee 10.78x
Total 8.82x

About LEAP

The company is the largest on-demand asset pooling provider in India's supply chain management sector, utilizing a 'share and reuse' business model referred to as pooling. The company operates with 14.70 million assets including pallets, containers and material handling equipment (MHEs) across a pan-India network of over 10,100 customer touchpoints and 29 fulfilment centres. The company serves diverse customers spanning FMCG, food and beverage, third-party logistics, e-commerce, automotive, and industrial sectors through technology-enabled supply chain solutions that connect different stages of customers' value chains from manufacturing to retail distribution.

www.leapindia.net ↗

Strengths

  • Industry with multi-decadal and rapid growth story
    The company operates in a rapidly growing industry where palletization adoption in India is at 9.4% penetration with only 10 million pooled pallets out of 106 million total pallets, compared to 89% in North America and 91% in EU.
  • Largest on-demand supply chain asset pooling company
    The company is the largest on-demand asset pooling provider in India's supply chain management sector with 14.70 million assets, spanning 10,100 customer touchpoints and 29 fulfilment centres as of March 31, 2026.
  • Trusted supply chain partner with focus on quality and sustainability
    The company provides asset-light pooling solutions using 100% FSC certified SPF timber, enabling customers to avoid upfront procurement costs while ensuring standardized, high-quality assets with comprehensive testing protocols and IIP certification.
  • Highly resilient business model with blue-chip customer base
    The company serves over 1,000 customers across diversified high-growth sectors including FMCG, F&B, 3PL, e-commerce, automotive and industrials with contracts ranging 1-5 years and built-in price escalations for margin protection.
  • Efficient asset management capabilities led by technology
    The company was the first in India to introduce passive RFID-tagged containers and operates IoT-enabled MHE fleet with MyLEAP platform providing real-time asset tracking and comprehensive digital solutions for customers.
  • Strong financial performance with rapid growth
    The company achieved revenue growth from ₹3,649.71 million in Fiscal 2024 to ₹7,295.33 million in Fiscal 2026, maintaining EBITDA margins of 50.69% and Cash PAT margins of 35.68% in Fiscal 2026.
  • Founder-led company with experienced management team
    The company is led by Mr. Sunu Mathew with over 26 years of experience and supported by management team averaging 27 years of industry experience, backed by reputed investors including KKR-affiliated entities.
  • High growth potential through increasing penetration strategies
    The company plans three-pronged growth strategy: expansion within existing industries, penetration in new industries like textiles and pharmaceuticals, and expansion across supply value chain with dedicated team of 579 professionals for market education.

Risk Factors

  • Rapid Business Growth Sustainability Risk
    The company has experienced significant growth with year-on-year revenue growth increasing from 27.81% in Fiscal 2025 to 56.39% in Fiscal 2026. However, there is no assurance that the company will be able to sustain this growth rate or maintain profitability at the same level in the future.
  • Heavy Dependence on Pallet Pooling Business
    A majority of the company's revenue is derived from pallets, contributing 62.17%, 67.90% and 72.23% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on the pallet pooling business would significantly affect the company's overall business performance and profitability.
  • Supplier Concentration and Dependency Risk
    The company is dependent on suppliers and service providers, with top ten suppliers contributing 63.27%, 60.00% and 77.00% of total purchases in Fiscals 2026, 2025 and 2024, respectively. Any loss of key suppliers or interruptions in supply could adversely impact business operations and financial condition.
  • Key Personnel Dependency and High Attrition
    The company faces high attrition rates across key personnel categories, with MHE operators experiencing 56.00% attrition in Fiscal 2026 and KMPs experiencing 33.00% attrition. The company's success depends heavily on retaining experienced professionals and skilled employees, particularly MHE operators who are critical to operations.
  • Asset Loss and Control Risk
    The company's business model relies on continuous ownership and management of pooling equipment throughout the supply chain. Asset loss is an inherent risk, with impairment losses of ₹28.30 million, ₹52.39 million, and ₹53.52 million in Fiscals 2026, 2025, and 2024 respectively, which could undermine the business model if losses exceed acceptable thresholds.
  • Customer Concentration and Contract Renewal Risk
    The company derives significant revenue from top customers, with top 10 customers contributing 26.65%, 34.18%, and 39.49% of total revenue in Fiscals 2026, 2025, and 2024 respectively. The company's success depends on long-term contractual agreements and ability to renew customer relationships, with potential adverse impact if key customers terminate or reduce services.
  • Technology Infrastructure Dependency
    The company is heavily reliant on technology infrastructure for operations, including billing activities and customer integration systems. Any disruption, failure, or cyberattack on IT systems could materially affect growth prospects, reputation, and business operations, as evidenced by past incidents including power supply shutdowns and security breaches.
  • Counterparty Credit Risk
    The company is exposed to counterparty credit risk with trade receivables representing 35.96%, 42.69%, and 39.35% of revenue from operations in Fiscals 2026, 2025, and 2024 respectively. Any significant delay in customer payments or defaults could reduce profits and adversely affect cash flows.
  • Raw Material Price Volatility
    The company is exposed to volatility in supply and pricing of raw materials such as timber and plastic used in manufacturing assets. External factors like geopolitical conflicts (Iran-US/Israel conflict) and supply chain disruptions have previously led to increased procurement costs, which may not always be passed on to customers.
  • High Financial Leverage and Covenant Risk
    The company had total outstanding borrowings of ₹10,177.25 million as of March 31, 2026, with financing arrangements containing restrictive covenants. Any non-compliance may lead to accelerated repayment schedules, enforcement of security, and suspension of further drawdowns, limiting business flexibility and expansion plans.

Objects of the Issue

  • Repayment / prepayment, in full or in part, of certain borrowings availed by the Company
    The company proposes to utilize the Net Proceeds towards repayment/prepayment of certain borrowings availed from banks and financial institutions. This will help reduce outstanding indebtedness and debt servicing costs and enable utilization of internal accruals for further investment towards business growth and expansion.
    360.00 crores
  • General corporate purposes
    The company proposes to utilize the Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding of growth opportunities, strategic initiatives, insurance, repair and maintenance, payment of taxes, duties and meeting expenses incurred in the ordinary course of business.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026747.36+54.1%62.34+66.0%2401.051006.33268.27
31/03/2025485.03+30.4%37.56+1.0%2042.46917.35255.02
31/03/2024371.94—37.17—1400.28714.18149.11
Units: crores

Issue Details

Face Value
₹1
P/E
171.30
ROCE
8.00%
Shares / Lot
94
Minimum Bid
94 shares
Refund
13 Aug 2026
Credit to Demat
13 Aug 2026
ISIN
INE00GO01025
CIN
U74900MH2013PLC245166
Registrar
MUFG Intime India Pvt.Ltd.
Lead Managers
JM Financial Ltd.
Registered Office
14th Floor, Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai 400 063, Maharashtra, India
RHP ↗DRHP ↗

Management

Sunu MathewCEO
Hardik Bhadrik ShahDirector
Vaibhav VaidyaDirector
Harinarayanan Nair SreedharanDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.