Leap India IPO
Leap India IPO is a mainboard IPO raising ₹2,480 Cr at ₹151 – ₹159 a share. It listed on 14 Aug 2026 at ₹166, +4.3% against its issue price of ₹159, and trades at ₹144 today (−9.2% since issue). It was subscribed 8.38× in total.
8.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
They run India's largest on-demand asset pooling service for supply chains. Instead of customers buying and maintaining their own pallets, containers and material handling equipment (forklifts, battery and hand pallet trucks, reach trucks, stackers), the company owns these items and hires them out, then retrieves and redeploys them through a pan-India network. Customers use the assets across manufacturing, warehousing, distribution and retail, spanning FMCG, food & beverage, third-party logistics, e-commerce and quick commerce, automotive and industrials.
How it earns
They earn by charging customers to hire pooled pallets, containers and material handling equipment under contracts typically running one to five years with auto-renewal, with periodic price escalations and pass-throughs, plus recovery fees for repairs, breakages and lost assets. In Fiscal 2026, total income was ₹747.36 crore (₹7,473.55 million as stated; converted at 1 crore = 10 million).
Who buys
Over 1,000 customers as of March 31, 2026 (up from 900+ in FY25 and 500+ in FY24). Named customers include Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India, Panasonic Life Solutions India, Haier Appliances India, Daimler India Commercial Vehicles, Autoliv India and Sanathan Textiles, across FMCG, F&B, 3PL, e-commerce/quick commerce, automotive and industrials. A majority of the top 10 customers by revenue had been with them for more than five years; customer churn among the top 100 customers was 0.00% in Fiscal 2026, 0.19% in Fiscal 2025 and 0.75% in Fiscal 2024.
Scale
14.70 million pooled assets, 10,100 customer touchpoints, 29 fulfilment centres, 1,000+ customers, pan-India network; acquired CHEP India (a previously leading pallet/container pooling player) in January 2025 to expand the asset base from 7.92 million (FY24) to 13.30 million (FY25).
What it says sets it apart
- Largest pooled asset base in India — 14.70 million revenue-generating assets as of March 31, 2026 (13.30 million in FY25; 7.92 million in FY24); per F&S Report, the only player currently operating pallet pooling at considerable scale with a pan-India network.
- Pan-India network of 10,100 customer touchpoints and 29 fulfilment centres supporting quick deployment and reverse-logistics retrieval of pooled assets.
- Switching costs lock customers in — assets are integrated into customer operations (re-palletization across all touchpoints would be needed to switch); top-100 customer churn was 0.00% in Fiscal 2026.
- First-in-India product and technology lead — first to introduce passive RFID-tagged containers and lithium-ion powered forklifts; subsidiary TARON is the second-largest forklift pooling player in India by volume in Fiscal 2026 and leads the lithium-ion MHE segment; in-house MyLEAP customer platform with SAP S/4HANA and Salesforce integration; ISO 27001 certified.
- Quality-controlled pooled assets — pallets made from 100% FSC-certified spruce-pine-fir timber with ring and screw shank nails, typically certified by the Indian Institute of Packaging; pallet utilization rate of 89.34% in Fiscal 2026.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs159 / stated EPS Rs1.5 (FY26 (Financial Year ended March 31, 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹730 Cr+56% | ₹62 Cr+66% | 8.5% | ₹1,006 Cr | ₹1,018 Cr |
| FY2025 | ₹466 Cr+28% | ₹38 Cr+1% | 8.1% | ₹917 Cr | ₹802 Cr |
| FY2024 | ₹365 Cr | ₹37 Cr | 10.2% | ₹714 Cr | ₹513 Cr |
Where the money goes
The offer →81% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 17× their allocation. Retail: 1.71×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by JM Financial Limited — median +29.1% across the 102 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 22 Sept 2026.
What to watch
- 81% of the issue is offer for sale — only ₹480 Cr of new money reaches the company.
- The asking multiple is 106× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Promoters control 94.85% pre-IPO equity stake (prospectus page 40).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track LEAP INDIA LIMITED
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