Leap India Ltd IPO
Miscellaneous
Price Band
₹151 – ₹159
Lot Size
94
Minimum Bid Quantity
94
Minimum Investment
₹14946
Issue Size
₹2480Cr
Opens
2026-08-07
Closes
2026-08-11
Listing
14-08-2026
Subscription Status
Qualified Institutional Buyers
16.84 x
Non-Institutional Investor
12.62 x
Retail Individual Investor
1.67 x
Employees
10.86 x
Total
8.35 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE00GO01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
LEAP India Limited is a supply chain asset pooling company that operates on a share-and-reuse model for pallets, containers and material handling equipment (MHE). Its offerings include pallets used for handling and transporting goods, containers for storing and transporting products, and MHE such as hand pallet trucks, battery-operated pallet trucks, forklifts, reach trucks, and stackers. The company also provides technology-enabled supply chain solutions that connect manufacturing, distribution, and retail operations. Its services cater to customers across FMCG, food and beverage, third-party logistics, e-commerce and quick commerce, automotive and industrial sectors. As of March 31, 2026, the company had 14.70 million assets and a pan-India network of more than 10,100 customer touchpoints, serving over 1,000 customers. Its technology platforms include the MyLEAP platform, RFID applications, an Asset Audit App, Transport Management System and Proof of Delivery App. The company acquired CHEP India in January 2025, expanding its pallet and container pooling operations.
Pros
- • The company had 14.70 million assets as of March 31, 2026, up from 7.92 million in March 2024. Its network comprised 10,100 customer touchpoints and 29 fulfilment centres across India, allowing it to deploy and retrieve pallets and other assets across customer locations.
- • According to the F&S Report, the company claims to be the largest on-demand asset pooling provider in India based on the number of pooled assets. It also claims to be the only player currently operating at a considerable scale and at a national level in India’s pallet pooling segment.
- • The company had more than 1,000 customers as of March 31, 2026, compared with more than 500 in March 2024. Its customer base includes companies such as Hindustan Coca-Cola Beverages, Marico, Daikin Airconditioning India, Panasonic Life Solutions India, Haier Appliances India and Daimler India Commercial Vehicles, while churn among its top 100 customers was 0% in FY26.
Cons
- • A significant portion of the company’s revenue is dependent on its pallet business. Pallets contributed Rs 453.57 crore (62.17%), Rs 316.74 crore (67.90%) and Rs 263.62 crore (72.23%) to revenue from operations in FY26, FY25 and FY24, respectively. Any adverse developments in the pallet pooling market, including changes in customer preferences, increased competition, regulatory changes, or technological disruptions, could adversely affect the company’s business, and profitability.
- • The company is dependent on a concentrated base of suppliers and service providers. Its top 10 suppliers and service providers accounted for Rs 464.31 crore (63.27%), Rs 263.02 crore (60.00%) and Rs 270.59 crore (77.00%) of total purchases in FY26, FY25 and FY24, respectively. Any loss or disruption involving these suppliers, or inability to source alternative suppliers of comparable quality on commercially acceptable terms, could adversely affect the company’s operations and financial performance.
- • Pooling asset losses and inadequate asset recovery controls could result in additional costs and adversely affect the company’s financial performance. The company recorded impairment losses on assets that were lost and not recovered from customers of Rs 2.83 crore, Rs 5.24 crore, and Rs 5.35 crore in FY26, FY25, and FY24, respectively. Any increase in asset losses, inadequate tracking or recovery of assets, or damage requiring assets to be scrapped could result in additional asset replacement, repair, and write-down costs, adversely affecting the company’s profitability and cash flows.
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