Supply chain solutions provider LEAP India files DRHP with SEBI for Rs 2,400 crore IPO

Mumbai-based supply chain solutions provider LEAP India has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,400 crore through an initial public offering (IPO).

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The public issue will comprise a fresh equity issue of up to Rs 400 crore and an offer for sale (OFS) of up to Rs 2,000 crore by existing shareholders.

The OFS will primarily be driven by KKR-owned Vertical Holdings II Pte. Ltd, which plans to sell shares worth about Rs 1,998.6 crore, along with a smaller sale of around Rs 1.38 crore by promoter group entity KIA EBT Scheme 3. The company may also pursue a pre-IPO placement of up to Rs 80 crore, which would reduce the size of the fresh issue.

Of the proceeds from the fresh issue, about Rs 300 crore will be used for repayment of borrowings, while the balance will fund general corporate purposes and working capital needs.

The IPO will be conducted through the book-building process, with 50% of the net offer reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail individual investors (RIIs). The offer also includes a reservation for eligible employees at a discount.

Founded in 2013, LEAP India has positioned itself as India’s largest on-demand asset pooling provider, operating on a “share and reuse” model for pallets, containers and other material handling equipment. This approach allows companies across FMCG, beverages, e-commerce, quick commerce, automotive, retail, industrials, and logistics to lease pallets and containers rather than owning them outright, reducing costs and improving supply chain efficiency.

As of May 31, 2025, the company managed 13.57 million pooling assets, supported by a network of 30 fulfilment centres and more than 20 warehouses across 7,747 customer touchpoints nationwide. LEAP India has also emerged as a notable player in forklift rentals and lithium-ion-powered material handling equipment (MHEs).

Its client base spans over 900 companies, including Panasonic Life Solutions, Marico, Haier Appliances, Hindustan Coca-Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi. Earlier in 2025, the company strengthened its market position by acquiring CHEP India, part of Brambles, which previously managed the world’s largest pool of reusable pallets and containers.

Financially, LEAP India has seen rapid growth. The company reported operating revenue of Rs 466.4 crore in FY25, up 27.8 percent from Rs 364.9 crore in FY24, while net profit remained steady at Rs 37.5 crore compared with Rs 37.1 crore the previous year.

On a broader basis, total income rose to Rs 485 crore in FY25, nearly doubling from Rs 258 crore in FY23, while net profit expanded more than four-fold from Rs 9 crore in FY23.