LEAP India to list Friday after 9x IPO subscription
LEAP India, India's largest supply chain asset pooling provider, will begin trading on Friday after a heavily oversubscribed initial public offering, marking a test of investor appetite for the country's logistics infrastructure.
LEAP India shares will debut on the BSE and NSE on Friday, 14 August, after the supply chain management company's initial public offering closed nearly nine times oversubscribed. Grey market indicators point to a modest premium at the open, with unlisted shares trading at a premium of ₹12 on Thursday morning. This suggests a listing price around ₹171, representing a 7.55% upside over the upper end of the ₹159 issue price band.
The mainboard IPO raised a total of ₹2,480 crores. This capital comprised a fresh issue of 3.02 crore shares worth ₹480 crore alongside an offer for sale of 12.58 crore shares valued at ₹2,000 crore. LEAP India intends to use the proceeds from the fresh issue to repay certain borrowings and for general corporate purposes, a move that will improve its balance sheet ahead of its public market trading phase.
While the nine-times subscription signals strong institutional and retail demand, the grey market premium has fluctuated. Over the past two weeks, the premium ranged between ₹3 and ₹20, indicating that market makers remain somewhat divided on the stock's immediate trajectory. A mid-range premium at listing typically reflects a measured reception rather than aggressive speculation.
The company operates as India's largest on-demand asset pooling provider within the supply chain sector. As of 31 March 2026, LEAP India managed a network of 1.47 crore pooled assets distributed across more than 10,100 customer touchpoints nationwide. This scale positions the firm as a critical infrastructure node in India's rapidly expanding logistics network.
Financial metrics explain the demand. Revenue from operations accelerated sharply from ₹364.97 crore in FY24 to ₹466.47 crore in FY25, before surging to ₹729.53 crore in FY26. Profitability has lagged this revenue expansion but is trending upward. Net profit edged up from ₹37.17 crore in FY24 to ₹37.56 crore in FY25, before jumping to ₹62.34 crore in FY26.
JM Financial, Avendus Capital, IIFL Capital Services, and UBS Securities India managed the book-running process, with MUFG Intime India Private Limited serving as registrar. For investors tracking India's logistics segment, LEAP India's debut will provide a benchmark for valuing asset-light supply chain models in the region.
