Leap India, a leading player in the Indian supply chain management industry, is gearing up for a big initial public offering (IPO) to raise Rs 2,400 crore, representing one of the major market debuts of 2025. The Mumbai-based logistics firm submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), outlining an IPO consisting of a fresh issue of Rs 400 crore and an offer-for-sale (OFS) by promoters for Rs 2,000 crore, displaying the clear intent to tap equity markets to fuel growth and debt reduction.
Leap India was established in 2013 and is the largest on-demand asset pooling company in India, offering supply chain assets like pallets and containers for rental and management. Its circular business model, which is innovative in nature, helps in cost savings and sustainability as it allows multiple companies to share and reuse logistics assets throughout the nation. The operations of the company span across a pan-India presence with 1.4 crore aggregated assets and 7,747 customer touch-points, as well as 30 centres of fulfillment, serving key segments such as FMCG, pharma, and e-commerce.
Leap India has shown consistent financial performance, having registered a net profit of Rs 37.5 crore for 2025, marginally higher than Rs 37.1 crore in the earlier year. Its operating revenue jumped to Rs 466 crore, demonstrating increased market reach and operational size. The net worth of the company is Rs 917.3 crore, highlighting its healthy asset base and financial position in the backdrop of the competitive logistics sector scenario.
The IPO will raise Rs 2,400 crore, of which Rs 400 crore will be a fresh equity injection aimed mainly at de-leveraging. The company intends to utilise approximately Rs 300 crore of the IPO proceeds towards payment of outstanding borrowings of Rs 837.8 crore as of May 31, 2025. The remaining amount will be for general corporate purposes and business expansion efforts, important for maintaining Leap India's growth pace and increasing operations.
The OFS component is led by prominent promoters such as Vertical Holdings II Pte. Ltd., a KKR-backed entity, selling shares amounting to almost Rs 2,000 crore. This sizeable promoter stake sale is a sign of an exit possibility for early investors while enabling the company to increase its shareholder base.
With its market leadership in the supply chain pooling business, Leap India is set to grow as demand for effective logistics solutions picks up driven by India's growing e-commerce and FMCG industries. The firm's cost-effective and environment-friendly pooling methodology aligns with growing corporate mandates on sustainability, turning the IPO into an eagerly anticipated chance for players wanting to gain exposure to the logistics infrastructure space. Book running lead managers to the IPO are JM Financial, Avendus Capital, IIFL Capital, and UBS Securities, providing robust institutional participation and market credibility.
Overall, Leap India's soon-to-list IPO is a big-ticket capital market event with growth potential, financial discipline, and sustainability orientation, appealing to investors looking for a long-term bet on India's emerging supply chain and logistics space.
