LEAP India files ₹2,400 cr IPO to expand asset pooling business

Mumbai-based LEAP India, the country’s largest on-demand asset pooling provider in supply chain management, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹2,400 crore through an Initial Public Offering (IPO).

The public issue consists of a fresh equity share issue worth ₹400 crore and an offer-for-sale (OFS) of shares worth up to ₹2,000 crore by selling shareholders Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3. The IPO also includes a reservation for eligible employees, who will be offered shares at a discount. LEAP India may also consider a pre-IPO placement of up to 20% of the fresh issue size.

Proceeds of ₹300 crore from the fresh issuance will be used for prepayment of certain borrowings, while the balance will go towards working capital needs.

Founded in 2013, LEAP India operates on a circular “share and reuse” model and is India’s largest pallet pooling player, with 13.57 million assets, 7,747 customer touchpoints, and 30 fulfilment centres across the country as of May 31, 2025. The company also leads in forklift rentals and lithium-ion material handling equipment (MHEs).

LEAP India serves over 900 customers across FMCG, food & beverage, e-commerce, automotive, and industrial sectors, including Panasonic Life Solutions India, Marico, Haier Appliances, Hindustan Coca-Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi.

Financially, LEAP India reported total income of ₹485 crore and a net profit of ₹37.5 crore in FY25, significantly up from ₹258 crore and ₹9 crore, respectively, in FY23.

The IPO will be managed by IIFL Capital Services, JM Financial, UBS Securities India, and Avendus Capital, with MUFG Intime India acting as registrar. Shares will be listed on both the BSE and NSE.